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Ghana achieves 98% participation in Eurobond debt restructuring
The Ministry of Finance has announced the successful completion of its Eurobond debt exchange and consent solicitation process.
The initiative, which aims to restructure Ghana’s Eurobond debt, has received overwhelming support from bondholders, marking a significant milestone in the country’s economic recovery efforts.
Launched on September 5, 2024, the offer invited eligible holders of Ghana’s Eurobonds to exchange their existing bonds for new ones under two menu options—Par and Disco.
As of the final expiration deadline on September 30, 2024, 98.6% of bondholders, representing the recognized principal amount of the existing bonds, participated in the offer.
During the bondholder meetings on Thursday, October 3, holders of the 2013, 2014, and 2015 WB-Guaranteed Notes passed extraordinary resolutions with over 90% representation, enabling the restructuring process to proceed smoothly.
Meanwhile, for Aggregated CAC Notes, consents exceeded 98.7%, meeting the required thresholds for the exchange.
A majority of bondholders (91% of the principal amount) opted for the Disco menu of new notes, while 7.6% chose the Par menu, which remained under its cap of U.S. $1.6 billion, leaving a balance of U.S. $605 million available for future allocation.
Subject to the terms of the exchange, a total of U.S. $126 million in consent fees will be distributed to eligible bondholders who submitted their instructions by the early consent deadline.
The new bonds are expected to be issued on or around October 9, 2024, with full settlement to follow shortly thereafter.
The successful completion of this exchange is a critical step in Ghana’s broader debt restructuring efforts under its International Monetary Fund (IMF) programme, further strengthening the country’s path towards debt sustainability and normalizing relations with international capital markets.
The Government of Ghana expressed gratitude to bondholders for their participation and support, emphasizing that this successful outcome reflects a shared commitment to restoring the country’s economic stability.
In preparation for the issue date, all existing Eurobonds, including those for which no consent or exchange instructions were given, will be blocked from trading to ensure a smooth final settlement.
Source: Citinewsroom.com
Government has inaugurated a Technical Committee to drive the implementation of the Accra Marine Drive Tourism Investment Project, a key initiative aimed at transforming the capital’s waterfront into a world-class tourism and commercial hub.
Minister for Tourism, Culture and Creative Arts, Abla Dzifa Gomashie, described the move as a critical step to accelerate progress, stressing the need for efficiency, collaboration, and accountability.
The Committee, chaired by Deputy Minister Yussif Issaka Jajah, will coordinate stakeholders, address bottlenecks, and ensure timely delivery of the project.
The initiative is expected to boost tourism, create jobs, and stimulate economic growth, reinforcing Ghana’s commitment to sustainable development.
The Ghana National Fire Service (GNFS) has stepped up its fire safety education efforts in Suhum Municipality and Abetifi Odwenease as part of ongoing campaigns to prevent fire outbreaks and improve emergency readiness.
In Suhum, fire officers engaged traders and customers, educating them on handling LPG leakages, proper use of fire extinguishers, and general shop safety practices. Meanwhile, the Kwahu East Command extended outreach in Abetifi Odwenease, visiting homes, drinking spots, construction sites, and stores to promote safe handling of flammable materials, proper electrical usage, and correct gas cylinder placement.
Practical demonstrations on fire extinguisher use were conducted, and residents were encouraged to adopt good housekeeping habits and proactive safety measures to reduce fire risks and protect lives and property.
