Ghana Needs Bondholders More Than Ever as Debt Crisis Deepens
- Nation may ask investors to accept losses on eurobonds
- Debt-sustainability program is needed to unlock IMF bailout
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Ghana has the world’s worst-performing currency, inflation at 40% and its debt is junk. As it struggles to get to grips with a rapidly deteriorating situation, it’s now asking bondholders to accept losses on their investment.
The government aims to start talks with investors before the end of the month. It’s hired Lazard Ltd., Global Sovereign Advisory and Hogan Lovells US LLP as advisers, Reuters reported earlier this month. Some bondholders have tapped Rothschild & Co and Orrick, Herrington & Sutcliffe LLP as advisers, the Wall Street Journal reported.