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Ghana has further extended the deadline to register for its domestic debt exchange to Jan. 16 in order to “secure internal approvals” from the financial sector, the Finance Ministry said in a statement late on Saturday.

People walk in front of closed shops as traders lock up their stores in protest of Ghana's worsening economic conditions in Accra, Ghana October 19, 2022.People walk in front of closed shops as traders lock up their stores in protest of Ghana's worsening economic conditions in Accra, Ghana October 19, 2022.

Ghana’s government, in a bid to mitigate an economic crisis, has negotiated a staff-level agreement for a $3 billion loan package from the International Monetary Fund. The IMF has said that its board will approve the deal only if Ghana undergoes comprehensive debt restructuring. The ministry had previously extended the registration deadline for the domestic debt exchange to Dec. 30, from Dec. 19 originally.

Under the original plan, local bonds were to be exchanged for new ones maturing in 2027, 2029, 2032 and 2037, with annual coupons set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity.

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