This means that the investors will take 37 percent haircut and receive interest payments of 5 percent from 2024 to July 2028, and 6 percent interest thereafter.

They are therefore expected to receive three new bond instruments.

On the other hand the rest of the bondholders opted for the par menu, which will result in them not facing any nominal losses but will bet 1.5 percent interest on the new bonds maturing in January 2037.

These details were captured in the consent document issued by the bondholders after they agreed to swap their old bonds for new papers during the Eurobond Debt Exchange Programme.

The bondholders in the document added that the successful completion of this Eurobond Debt Exchange programme is a critical component of Ghana’s debt restructuring process under its programme with the International Monetary Fund.

Investors will swap their securities for new notes on or around October 9, with the complete settlement process expected to be finalized shortly thereafter, the statement from the investors explained.

The Eurobond Debt Exchange Programme received about 98.6 percent subscription by the bondholders. This was part of government’s efforts to restructure some $13 billion owed external creditors.