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Bloomberg
Ghana’s currency surged as much as 3.1% against the dollar after the government said that it had received support from more than 80% of bondholders to restructure its local-currency debt.
The cedi was trading 1.3% stronger, heading for the biggest gain in almost three weeks.
It’s still the worst-performing currency tracked by Bloomberg after the Lebanese and Egyptian pounds this year.
The support from the majority of local bondholders was a key step for President Nana Akufo-Addo’s administration as seeks to finalise a $3 billion bailout from the International Monetary Fund.
Besides the reorganisation of 137.3 billion cedis ($11.3 billion) of domestic loans, Ghana is also in talks to restructure bilateral and other external debt after suspending interest payments on $13 billion of eurobonds.