...- In December 2022, Ghana announced a default on its foreign currency obligations. Since we last published a research update on Feb. 24, 2023, Ghana missed the principal and/or interest payments on a further eight U.S. dollar-denominated Eurobonds. - We have therefore lowered our issue ratings on the eight commercial U.S. dollar-denominated Eurobonds issued by Ghana to 'D' (default) from '##'. - We also affirmed our '##/##' (selective default) long- and short-term foreign currency ratings and our '###+/C' long- and short-term local currency ratings on Ghana. The outlook on the long-term local currency rating is stable. - Alongside restructuring negotiations with the Eurobond holders, the authorities are continuing to negotiate with foreign bilateral creditors to restructure $5.5 billion (about 9% of GDP) of official country-to-country debt, which should help reduce Ghana's overall debt burden and unlock the first disbursement of what will be the country's 18th IMF lending program....
