Ghana and int’l bondholders have reached an interim agreement – Finance Minister

The Minister of Finance Dr Mohammed Amin Adam has announced that Ghana and international bondholders have reached an interim deal.

But, he said, the agreement must still be tweaked to meet International Monetary Fund (IMF) debt sustainability targets.

“We will therefore regroup to continue negotiations until we reach a deal that is consistent with IMF debt sustainability targets,” he wrote on X platform, on Monday.

The Finance Minister had announced earlier on Monday April 15 that Ghana has failed to secure a workable debt deal with two bondholder groups in its push to restructure $13 billion of international bonds.

Ruters reported that formal talks were on hold for now after the International Monetary Fund indicated that the deal would not fit its debt sustainability parameters, the government said in a statement.

“We will regroup to continue negotiations until we reach a deal that is consistent with IMF debt sustainability targets,” the office of Finance Minister Mohammed Amin Adam said on X, after the government had released its regulatory statement.

He said Ghana had reached an “interim deal” with bondholders but that needed to be tweaked to meet IMF targets.

Ghana had been in formal talks with two groups of bondholders since March 16 – a group of Western asset managers and hedge funds and another one including regional African banks.

The regional group had also rejected part of the proposed changes, including an option to retain the original value of the bonds with a longer maturity and lower coupon.