Ghana has completed the exchange of the majority of its $13.1 billion in existing Eurobonds for new notes. We understand the government is working on restructuring the remaining $2.6 billion in external commercial debt, mostly commercial bank loans, that was not included in the eurobond exchange offer. We assigned our 'CCC+' foreign currency issue ratings to the newly issued series of Ghana's sovereign Eurobonds. At the same time, we affirmed our 'SD/SD' (selective default) foreign currency ratings and our 'CCC+/C' local currency ratings on Ghana. The outlook on the 'CCC+' long-term local currency rating is stable. On Oct. 14, 2024, S&P Global Ratings affirmed its 'SD/SD' (selective default) long- and short-term foreign currency and 'CCC+/C' long- and short-term local currency
