Ghana is awaiting the outcome of a formal creditor committee's assessment regarding its debt relief request. The West African country is in the midst of restructuring virtually all of its debt, which stood at 576 billion cedis at the end of November. If funding assurances are received favorably, the IMF's board will be able to authorize a $3 billion loan for the country. ADVERTISEMENTHowever, Ghana is already making efforts to increase its tax base and move it from being among the lowest in sub-Saharan Africa. The West African nation traded bonds that returned as little as 8.35% for notes that paid an average of 87.8 billion cedis, causing losses for financial institutions.

Source: Daily Nation May 03, 2023 12:29 UTC