The government and the lenders reportedly secured an agreement to convert two term loans totaling 6.9 billion Ghana cedis in domestic U.S. dollar bonds with new, lower interest rates, according to two sources in the finance ministry and one in a bank that owns a portion of the bonds.
Another 8.1 billion Ghana Cedis worth of cocoa bills will be converted into a new bond with a 12% return, despite the fact that some banks are holding out for 13%, according to a banking source. The final cocoa bill’s yield, which was published in
The finance ministry declined to comment when contacted, but Cocobod and a bank lobbying group didn’t respond.
The three participants, who asked to remain anonymous because they were not permitted to talk publicly and who are involved in the discussions, revealed that the new loans will have a five-year maturity beginning in 2025.
The country that exports gold, cocoa, and oil has agreed to reduce its repayments of foreign loan interest by $10.5 billion over the next three years as part of an IMF bailout arrangement inked in May. In December, the country missed payments on the majority of its foreign debt.
