Ghana on Monday suspended payments on most of its external debt, effectively defaulting as the country struggles to plug its cavernous balance of payments deficit.
The country has been struggling to refinance its debt since the start of the year after downgrades by multiple credit ratings agencies on concerns it would not be able to issue new Eurobonds.
marched through the capital Accra, calling for the resignation of the president and denouncing deals with the IMF as fuel and food costs spiralled. Any good faith negotiations, the creditor committee said, would need to avoid unilateral actions and require the timely exchange of detailed economic and financial information between international bondholders, the government and the IMF.
"It is more straight forward than the likes of Sri Lanka and Zambia, in the respect that there is not a lot of China debt," Exum said on Friday in comments anticipating the external restructuring. "It is in line with Ghana getting into talks about restructuring with various debt holders, so not coming out of the blue," Rob Drijkoningen, co-head of emerging market debt at Neuberger Berman, which holds some Ghanaian Eurobonds.
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