Fitch, a rating agency based in the UK, said that Ghana still has a lot of work to do to restructure its debt, which is more than GH¢400 billion.
The agency also said that there might be another round of the Domestic Debt Exchange Programme (DDEP), which Ghana launched to swap $10.5 billion in local bonds with new ones.
Ghana is also seeking debt relief from its external creditors for the next four years. Toby Iles, Senior Director in charge of Emerging Market Economies at Fitch, said that the talks on the external debt restructuring have been slow.
He said that there has not been an official creditor committee meeting yet, and that there may be more changes on the domestic debt front as well. He added that the domestic debt exchange did not include all domestic bond holders.