Ashmore and GMO, both prominent asset management firms, have joined the steering committee of a creditor group representing Ghana’s international bondholders, according to Reuters. This development comes as Ghana grapples with its most severe economic crisis in decades and seeks to restructure its debt.
The International Monetary Fund (IMF) has approved a $3 billion program and estimates that Ghana aims to secure $10.5 billion in external debt service relief between 2023 and 2026.
With the inclusion of Ashmore and GMO in the creditor group’s steering committee, these asset managers now play a crucial role in shaping Ghana’s debt restructuring efforts, the involvement of these reputable firms underscores the growing momentum behind Ghana’s restructuring initiatives and signals a concerted effort to find viable solutions to the country’s debt challenges.
As Ghana endeavors to navigate its economic crisis, the creditor group’s steering committee will work towards achieving a sustainable and mutually beneficial resolution for both the bondholders and the country.
The participation of Ashmore and GMO in the steering committee reflects the recognition of their expertise and influence in the financial sector. Their presence brings valuable insights and perspectives to the table, contributing to a more comprehensive and collaborative approach to Ghana’s debt restructuring.
As the process unfolds, stakeholders will closely monitor the creditor group’s deliberations and actions, anticipating positive outcomes that can help alleviate Ghana’s financial strain and pave the way for a more stable economic future.