Macroeconomic Governance • 14 Feb 2023 The Magic Math of Ghana’s Debt Games Regular readers of this page were puzzled when after weeks of projections by analysts of a final participation rate of between 60% and 65% in Ghana’s domestic debt restructuring exercise (DDE), the government triumphantly announced a “more than 80%” figure this afternoon. We shared our understanding on Twitter: the government... read more
Political Governance • 13 Feb 2023 Mystery Middlemen Surface in Ghana’s Gold for Oil Deals [This is a developing story. Updates may be made to this note as more information emerges.] Regular readers would recall a recent tweet about whispers floating around Accra’s political alleys about the role of fixers and go-betweens in Ghana’s Vice President’s vaunted “Gold for Oil” initiative. A bit earlier, we... read more
Macroeconomic Governance • 11 Feb 2023 What Next After Ghana’s Debt “Exchange”? Word on the street is that Ghana’s drama-filled debt restructuring/exchange program (“DDE”) saw between 60% and 65% of all eligible extant marketable government securities (simply, “bonds”) tendered in by their holders in exchange for new bonds offering lower average interest and longer average repayment tenures. Investors accepted losses of between... read more
