Ghana is targeting $10.5 billion of external debt service relief from 2023-2026, the International Monetary Fund said, giving first indications of how big a hit investors might face in the coming debt overhaul.
The embattled West African country's debt is currently unsustainable, but Ghana aims to restore it to a "moderate" risk of debt distress by 2028, the fund added in its Debt Sustainability Analysis.
Ghana is overhauling its debt after its already strained finances buckled under the economic fallout from COVID-19 and Russia's invasion of Ukraine. It is seeking external debt relief under the Group of 20's Common Framework platform and completed a domestic debt exchange earlier this year. The country has a medium "debt carrying capacity", which means the IMF requires Ghana to target bringing its public debt-to-GDP ratio from 88.1% at the end of 2022 to 55% by 2028.
Most of Ghana's sovereign dollar-denominated bonds strengthened modestly on Thursday, with some rising as much as 0.3 cents in the dollar although still trading at deeply distressed levels of between 36 and 41 cents in the dollar .
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