• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

World Bank makes $372m guarantee payment on behalf of Ghana

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
216
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

World Bank makes $372m guarantee payment on behalf of Ghana

The World Bank’s International Development Association (IDA) has stepped in to make a guarantee payment of $372 million on behalf of the Government of Ghana for the 2030 Eurobond, following the country’s default on its coupon payment on April 14, 2023, due to a debt moratorium that was announced on December 19, 2022. The payment was made on April 20, 2023.

Ghana has had a history of facing challenging market conditions, with large financing needs, high debt levels maturing soon, and no access to international financial markets. The Ministry of Finance sought help from the World Bank in 2015 to address these challenges and requested a policy-based guarantee in combination with a credit from IDA, the World Bank’s fund for the poorest countries. This was to mobilize the volume of financing required to settle upcoming debt repayments.

The policy-based guarantee is an instrument that allows a country to raise funds by mitigating the risk for bond investors or commercial lenders in case of potential debt service payment defaults. In the case of Ghana, the country issued a $1 billion Eurobond series due in 2030, backed by IDA’s guarantee covering up to $400 million in both principal and interest.

Since then, the government has bought back and canceled $70 million of the 2030 Eurobond, reducing the amount of the guarantee to $372 million. Ghana used the proceeds of the 2030 Eurobond issuance to refinance existing debt that had an interest rate of 25% to a lower rate of 10.75%. Additionally, the maturity of the existing debt, which was between 90 days and two years, was increased to 15 years on average.

On December 19, 2022, the Ministry of Finance declared a moratorium on debt service payments under certain categories of its external debt, such as Eurobonds, due to major economic, financial, and social pressures. Soon after, the government restructured the bulk of its domestic debt and requested debt treatment under the G20 Common Framework.

The World Bank’s intervention in making the guarantee payment for Ghana’s 2030 Eurobond highlights the importance of policy-based guarantees in facilitating access to financing for countries facing difficult market conditions. It also emphasizes the role of international institutions like the World Bank in supporting developing countries’ efforts to manage their debt levels and meet their financial obligations.

RelatedPosts

2025 Study: Where High Earners Keep Most of Their Money 

GoldBod Introduces Special Bonus for Licensed Miners

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

Tags: ghanaGuarantee paymentWorld BankWorld Bank makes $372m guarantee payment on behalf of Ghana
No Result
View All Result

Highlights

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

Trending

Business

2025 Study: Where High Earners Keep Most of Their Money 

August 27, 2025

2025 Study: Where High Earners Keep Most of Their Money  More than 640 million adults worldwide have...

GoldBod Introduces Special Bonus for Licensed Miners

August 27, 2025

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

August 27, 2025

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

August 27, 2025

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.