Ghana is targeting $10.5 billion of external debt service relief from 2023-2026, the IMF said, giving an early indication of how large a hit investors might face in an impending debt overhaul.
The West African country's debt is currently unsustainable, but Ghana aims to restore it to a "moderate" risk of debt distress by 2028, bringing its public debt-to-GDP ratio from 88.1% at the end of 2022 to 55% by 2028, the International Monetary Fund said in its Debt Sustainability Analysis .
The IMF's executive board on Wednesday approved a $3 billion, three-year rescue loan, paving a potential path out of Ghana's worst economic crisis in a generation. Ghana's international bonds were trading down as much as 0.7 cents in the dollar at 1640 GMT, with most still at severely distressed levels of 37 to 41 cents .
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