Fitch sees official creditors’ agreement on Ghana by year-end
Bilateral creditors under the Group of 20’s Common Framework may reach agreement on specific terms of debt relief for Ghana by the end of this year, Toby Iles, a senior director of EMEA Sovereign Ratings at Fitch, says on a webinar on Tuesday, September 12, 2023.
This means a debt reorganization agreement with private creditors, including eurobond holders, may not be possible until mid-2024
“This is obviously the quickest sort of timeline we’ve seen under framework cases,” he stated.
Ghana’s domestic debt restructuring has been largely done with significant savings made.
On the back of the domestic debt restructuring, the country’s debt service is expected to drop significantly between this year and 2026.
