NewsOnline reports that Ghana has announced a suspension of debt service payments for its Eurobond loans, commercial loans, and its bilateral debts.
This online news understands that the Ghanian ministry of finance confirmed this in a press release issued on its website.
The government announced it is suspending all debt service payments under certain categories of its external debt, pending an orderly restructuring of the affected obligations.
What Ghana is saying: “That is why we are announcing today a suspension of all debt service payments under certain categories of our external debt, pending an orderly restructuring of the affected obligations.
Multilateral Loans Excluded: Whilst it is suspending Eurobond debt servicing, the country stated it will continue to service its multilateral debts such as those owed to the IMF or World Bank.
What this means: This means investors in Ghana bonds will be affected as they will not receive any coupon payments until the situation is addressed.
Why is Ghana suspending: According to the ministry, the country is faced with a major economic and financial crisis, that has negatively impacted its fiscal and economic situation.
More actions: Ghana also insisted it was considering other options to address the economic crisis it is facing.
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