Ghana
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Cocobod makes plans to be less reliant on annual syndicated facility -
Ghanaian cocoa firm has raised a syndicated loan every year for 30 years
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Tweaking the deal to meet IMF’s debt criteria may not take long
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Bondholders have pushed for variable rate instruments, but governments are reluctant
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Ghana has learned the lessons of Zambia's debt restructuring
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There would still be hurdles and an agreement may even make defaults more likely
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Chinese creditors have demanded an end to the status enjoyed by multilateral lenders
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The government has sweetened terms for domestic creditors, perhaps at the expense of those overseas
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One investor says more delays in the ‘haphazard’ process will be cause for concern
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For the instrument to have a future, the process must be seen to have been fair
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Ghana may request up to a 30% principal haircut from investors
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African sovereign will exchange domestic bonds for new ones but no terms for Eurobonds yet
