After more than a year, Ghana has reached an agreement with international bondholders to restructure up to $13bn of international debt.

the Ghanaian government said it had reached an agreement that will allow the country to get rid of 37 per cent of its outstanding debt to its private creditors.

The debt restructuring deal was approved by more than 90 per cent of international bondholders, who described the move as historic as it is the largest ever for an African debt.

The success of this move is a key element of Ghana’s debt restructuring process as part of its economic reform programme with the International Monetary Fund, she said, adding that this success paves the way for the normalisation of Ghana’s relations with (global) financial markets.