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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
The Ghana Highway Authority has announced a temporary traffic management arrangement on sections of the Accra Tema Motorway and the Tetteh Quarshie Interchange as construction work continues on the motorway expansion project.
In a public announcement issued on March 5, the Authority explained that the arrangement forms part of ongoing construction works under the Accra Tema Motorway and Extension Projects.
It noted that the traffic adjustment is required to allow contractors carry out T beam launching works for the expansion of the Tetteh Quarshie Interchange Bridge on the N1 highway.
Under the arrangement, lanes on the N4 northbound carriageway, which serves traffic moving from Accra to Madina, will be temporarily closed.
Meanwhile, the southbound carriageway from Madina to Accra, which currently has four lanes, will be reconfigured into two lanes in each direction to accommodate traffic moving both ways.
The Authority indicated that the temporary traffic changes will take effect from Monday, March 9, 2026 and are expected to last for four months.
According to the statement, the lane reduction is necessary to create a safe working space for construction personnel and to ensure the safety of motorists using the road.
The Authority therefore advised drivers to be cautious, obey traffic signs and cooperate with traffic management officials throughout the construction period.
It encouraged members of the public who require further information to contact its Public Affairs Division through WhatsApp on 0551622244.
By: Jacob Aggrey
The National Chief Imam, Osman Nuhu Sharubutu, has congratulated the Government and people of Ghana as the country marks its 69th Independence Day, urging citizens to renew their commitment to national unity and democratic values.
In a statement to commemorate the celebration on March 6, he encouraged Ghanaians to use the occasion to strengthen their dedication to constitutional democracy, economic progress, interfaith harmony and peaceful coexistence.
He observed that the world was currently facing several challenges, including the rise of authoritarian governments and increasing military conflicts among nations.
According to him, humanity was experiencing turbulent times, with genocidal attitudes and violent extremism becoming more widespread in different parts of the world.
The Chief Imam explained that such global developments should inspire Ghanaians to come together and deepen their commitment to nation building while embracing unity in diversity.
He noted that although colonialism left a painful mark on the country’s history, Ghanaians could take comfort in their collective determination to overcome colonial subjugation and build a free nation.
Reflecting on the country’s independence struggle, he indicated that Ghanaians now remembered the victory for liberty rather than the hardship endured during the fight against tyranny.
The National Chief Imam offered prayers for divine guidance and blessings for the President, John Dramani Mahama, the Government and the people of Ghana.
By: Jacob Aggrey
