Ghana's President announces that his country will complete the restructuring of its external debt as quickly as possible to emerge from its worst economic crisis in a generation.
"We are committed to concluding the external debt restructuring process as quickly as possible to overcome the crisis," Akufo-Addo declared during a State of the Nation address to Parliament, noting that his country had paid the second coupon of $464 million to bondholders on February 20.
This marked the largest coupon payment made in a single day in Ghana's history, the Ghanaian president emphasized.
Ghana, which defaulted on much of its external debt in December 2022 following a surge in servicing costs, has restructured most of its domestic debt and has been pushing for an agreement with holders of approximately $13 billion in international bonds.
Ghana's economy has started to rebound since the government secured a $3 billion loan program from the International Monetary Fund last year and reached an agreement in January to restructure $5.4 billion of loans with its official creditors.
