(Ecofin Agency) - After reaching a $5.4 billion bilateral debt restructuring agreement with its official creditors last January, Accra is now hoping to quickly secure a deal with its Eurobond holders.

Ghana signed non-disclosure agreements (NDAs) with the holders of its Eurobonds, marking the start of formal negotiations on restructuring around $13 billion in debt, Reuters reported yesterday, citing sources close to the matter.

The Ghanaian government has already sent a formal debt restructuring proposal to a committee representing its private creditors, which includes asset managers Ashmore, BlackRock, Amundi, Greylock, and Abrdn, according to the same sources.

On January 12, Ghana concluded a restructuring agreement for $5.4 billion in debt with its official creditors, enabling it to receive an additional disbursement of $600 million from the International Monetary Fund (IMF). The latter announced in May 2023 that its board of directors had approved a $3 billion aid program for the country, with an immediate first disbursement of about $600 million. However, the release of a second tranche of $600 million was made contingent on an agreement between the West African country and its bilateral creditors on specific debt treatment clauses, in line with the financial assurances they had provided months earlier.

Struggling with a severe economic crisis due to the slowdown caused by the coronavirus pandemic and the fallout from the war in Ukraine, Accra had requested the restructuring of its external debt in January 2023 under the G20 Common Framework.