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Ghana dollar bonds rise as bilateral debt deal seen next week

2 years ago
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Ghana dollar bonds rise as bilateral debt deal seen next week

Ghana’s dollar bonds rose on Thursday after the nation said its official creditors may reach a debt-relief agreement next week to qualify for further disbursement under a $3 billion program with the International Monetary Fund.

Ghana’s Eurobond maturing in 2027 rose a third day by 0.71 cents to 42.93 cents on the dollar at 11:11 a.m. in London. Notes maturing in 2051 advanced 0.74 cents to 42.13 cents on the dollar.

An agreement in principle on the restructuring parameters of Ghana’s bilateral obligations could be reached in the coming week, Minister of Finance Ken Ofori-Atta told lawmakers in his annual budget speech on Wednesday in the capital, Accra.

“We expect the official creditor committee to come up with a memorandum of understanding which will ensure that this body co-chaired by France and China will deliver the appropriate MOU to the IMF,” he said.

If signed the accord will enable the IMF to make a second disbursement of $600 million to the West African nation. Ghana got the first disbursement of the same amount when the Washington-based lender approved its extended credit facility in May.

The country is reorganizing almost all of its $50 billion debt to make them sustainable under the IMF program. A deal with the bilateral creditors is also needed to serve as the basis upon which Ghana and private creditors would revamp about $13 billion of Eurobonds.

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