The Illusion of No Haircuts: Ghana’s Proposed Domestic Debt Exchange Programme is Worse than a 100% Haircut on Principal
Introduction On Monday, 5th December 2022 the Republic of Ghana announced that it was inviting eligible bond holders to exchange approximately GHS137.3 billion of domestic bonds for a package of new bonds. The domestic debt exchange (DDE) programme is part of a more comprehensive agenda to restore debt sustainability. The government has made further amendments […]
