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Ghana to default on most external debt as economic crisis worsens
By Christian Akorlie and Cooper Inveen
A general view of Adabraka in Accra, Ghana, December 5, 2016. REUTERS/Luc Gnago
- Summary
- Ghana suspends payments on Eurobonds, commercial loans
- Announcement a week after IMF staff-level agreement
- Eurobonds sink up to 3 cents in dollar
ACCRA, Dec 19 (Reuters) - (This Dec. 19 story has been corrected to fix debt figures in first chart)
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.
Its finance ministry said it will not service debts including its Eurobonds, commercial loans and most bilateral loans, calling the decision an "interim emergency measure", while some bondholders criticised a lack of clarity in the decision.
Ghana to default on most external debt as economic crisis worsens
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.
www.reuters.com
Ghana suspends payment of most external debts
Finance ministry says Accra will not service debts including its Eurobonds, commercial loans and most bilateral loans.
