Ghana Debt Dips Deeper Into Distress as Investors Quit
- Sovereign spread above 1,000 points, highest since April 2020
- Dollar bonds have worst start to 2022 among emerging markets
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As the era of cheap money draws to an end, bondholders are no longer prepared to cut Ghana any slack.
The West African nation’s dollar bonds have slumped 10% in 10 days, moving deeper into distressed territory as investors judge that re-financing debt in the Eurobond market won’t be an option when the Federal Reserve hikes rates and budget targets remain elusive.