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Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
Ghana’s agreement on the restructuring of its $750 million loan with the African Export-Import Bank (Afreximbank) has received the backing of official creditors, marking a critical milestone in the country’s external debt resolution process.
Sources familiar with the Paris Club of creditor nations told Reuters that Ghana’s deal with Afreximbank is “welcome” from the Club’s perspective, an endorsement that would only be possible if the bank had accepted losses on the loan.
The Paris Club had previously insisted that Ghana’s Afreximbank facility must be restructured to meet the principle of “comparability of treatment”, a core requirement for creditor approval.
Source: newsthemegh.com