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Ghana announces successful completion of Debt Restructuring
The Government of the Republic of Ghana is pleased to announce that Ghana is back on the international financial markets after successfully completing the transaction of restructuring $13 billion in Eurobonds today.
On June 24, the Ad Hoc Group of International Bondholders and the Republic of Ghana reached an agreement in principle for restructuring the outstanding Eurobonds.
The agreement was approved by the International Monetary Fund as compatible with the programme parameters and met the comparability of treatment requirements of the Official Creditor Committee for Ghana.
On September 5, with the backing of the Committee of Holders of the Republic of Ghana’s Eurobonds, the Republic of Ghana launched a consent solicitation for its proposal to all bondholders. Today, the transaction has been concluded, with over 90% of bondholders voting in favour of the deal.
The settlement and delivery of the new debt instruments are scheduled for October 9, 2024, after the World Bank longstop date on October 7, 2024. On this date, old bonds will be exchanged for new securities under the revised terms. On or before 30 October 2024, World Bank payments will be executed. More details on technical processes following the Issue Date, including related to the holding period, can be found here.
“Today, our economy has turned a corner. This landmark achievement ushers in a new phase of economic recovery, returning Ghana to a sustainable debt path and putting us back on the investor map. We’ve accomplished what everyone said was impossible – we decisively resolved Ghana’s debt overhang problem. This will allow Ghana to stabilise our finances and focus all our efforts on continuing the implementation of the ambitious reform program to improve the well-being of the Ghanaian people. We are thankful to our bondholders, the IMF and our official creditors for their support and collaborative engagement to arrive at this solution,” his Excellency President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, stated.
“Today’s completion of the restructuring will help Ghana restore debt sustainability, reducing the debt stock by $4.7 billion and providing cash flow relief of approximately $4.4 billion in the next two years. The deal is already positively influencing our macro-financial situation. The increasing market confidence in Ghana and our economic trajectory has significantly reduced the inflation rate. Our growth projections are also more positive – Q2 of 2024 saw the highest quarterly GDP growth recorded in the past five years, at 6.9%. Our government takes pride in this progress and remains committed to advancing our reform agenda and attracting new investment to foster growth and job creation,” Mohammed Amin Adam, Minister for Finance and Economic Planning of Ghana, said.
The Government further extended sincere gratitude to the Steering Committee of the Ad Hoc Creditor Committee of International Bondholders and their advisors, Rothschild & Co and Orrick, Herrington & Sutcliffe LLP, as well as the Steering Committee of the Creditor Committee of Regional Bondholders and their advisors, Renaissance Capital Africa, for their productive and consistent engagement throughout the process.
They added, “We thank our advisors Lazard Frères and Hogan Lovells, acting respectively as financial and legal advisors, and Algest, acting as a strategic advisor, for supporting the Republic of Ghana during this debt restructuring.”
Medical Doctor and dietician, Dr Bernice Korkor Asare, has urged women to take greater responsibility for their lifestyle choices, particularly their eating habits and levels of physical activity, to help reduce their risk of developing breast cancer.
According to her, although, some breast cancer risk factors, such as family history and certain reproductive factors, may not be within an individual’s control, lifestyle choices offer an opportunity for people to take preventive action.
She made this known during a talk on the topic: “Role of diet in breast cancer prevention” organised by Times Ladies Association of the New Times Corporation, publishers of The Ghanaian Times and The Spectator, in Accra on Thursday.
The event themed “Breast Cancer Awareness- Promoting Early Detection, Healthy Eating and Prevention.” 
She noted that having a risk factor did not automatically mean a person would develop breast cancer, but could increase the likelihood of developing the disease compared with someone without that particular risk factor.
“Having close relatives who have had breast cancer, particularly a mother, sister or daughter, may increase the risk, although not everyone with a family history will develop the disease,” Dr Asare opined. Read More.
By Adizatu K. Munkaila
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A group of compassionate friends from Innovation Gospel Impact last Friday visited the management, teachers and learners of the Street Academy in Accra.
The visit was to interact to get a deeper insight into the operations of the Academy that houses hundreds of street and underprivileged children and find ways to support them.
The team was led by Rev. Dr Isaac Apenteng Yeboah, a former Director for West African Mailbox Club and Director for Prisons Support Foundation, and Rev. Dale Sutherland from Washington DC.
The call, according to the visitors was occasioned by reports about the struggles of the Academy despite the occasional support it enjoys from individuals and some corporate entities.
Briefing them, the Founder and Executive Director of the Academy, Dr Ataa Lartey, thanked them for the concern showed, indicating that “this is a major boost for both teachers and learners; knowing that their plight is known by people outside their premises.”
According Dr Lartey, the Academy had planned to undertake a number of project to enhance teaching and learning and also procure facilities for the children with keen interest in sports but had to shelve those plans for lack of finance.
He told the team that their biggest concerns were the monthly utility bills that takes a toll on their finances.
“We have a piece of land we planned to turn into an astro turf pitch to train the younger ones whose interests lies in making a career out of football, however, we have been unable to commence because there is no money now,” he said.
Dr Lartey expressed gratitude to the teachers who have dedicated their lives to training these children, rather than going for well-paying jobs and hoped that with time, their conditions of engagement would improve.
Moved by the plight of the Academy, the group donated a cash amount of Gh₵3,000 to settle its water bills.
They described as unfortunate the conditions of learners and teachers of the Academy and pledged to continuously support their operations to realize the dream to build a better future for the unfortunate children.
The group offered to support the school with its monthly utility bills, feeding and staff allowance and urged the Academy staff to remain in constant touch with them.
The Street Academy is located at the Accra Art Center and offers brilliant but needy the chance to pursue their educational dreams by enrolling them in public schools with others offered training in sports and cultural activities.
By Spectator Reporter
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