ACCRA, Oct. 4 (Xinhua) -- Ghana said it has achieved more than 90 percent restructuring of its external debt since the beginning of the debt restructuring process in December 2022.
Finance Minister Mohammed Amin Adam made the remarks late Thursday while announcing the completion of Ghana's Eurobond debt exchange and consent solicitation process at a monthly press briefing on the state of the economy.
The minister added that by the final deadline at the end of September, 98 percent of bondholders, representing the recognized principal amount of the existing bonds, had participated in the offer, which was launched in early September.
"I am delighted to announce to you that we have achieved an overwhelming success. We obtained more than 98 percent consent, which is significantly higher than the 65 percent threshold from bondholders following the launch of the exchange offer," Adam said.
As a result of the successful exchange offer, the country would exchange 13 billion U.S. dollars in Eurobonds for new bonds in the coming weeks, said the minister. "This development cures Ghana's default on international bonds, paving the way for normalized financial relationships with rating agencies and international markets."
"In essence, Ghana has now restructured over 90 percent of its eligible external debt, marking a significant milestone in its economic recovery," Adam added. ■