ACCRA/LONDON, June 6 (Reuters) - Ghana has sent a debt restructuring proposal to its official creditors, two sources with direct knowledge of the matter said, as the West African country battles to escape its worst economic crisis in a generation.
Ghana intends to finish restructuring its domestic debt before turning to negotiations with its official, bilateral creditors and international bondholders, a government official said.
The total external debt stock was about $30 billion.
Ghana completed a domestic debt exchange with 65% of holders of local bonds in February and is also seeking relief on the bulk of the remainder of its domestic debt, including deals with pension funds, labour unions and independent power producers.
It is restructuring its debt under the Common Framework process, set up by the G20 in 2020 to bring China and other newer creditor nations into joint sovereign debt restructuring negotiations, for its external debt rework.
Persons:
Maxwell Akalaare Adombila, Rachel Savage, Karin Strohecker, Nick Macfie
Organizations:
International Monetary Fund, Paris Club, Thomson
Locations:
ACCRA, LONDON, Ghana, West, China, Rosario