Ghana’s failure to meet a self-imposed deadline to restructure its bilateral debt by the end of February has led to a sharp decline in its Eurobonds, the lowest level in nearly three months.
This leaves the West African nation in a critical stage in dealing with its economic woes triggered by the Covid-19 pandemic and Russia’s war against Ukraine.
Ghana has about $13bn worth of dollar-denominated international bonds. Recent data from Bloomberg shows that its 2032 dollar bonds slumped to 36.69 cents last Wednesday, the least since 5 January. They traded near 39 cents as recently as two weeks ago.