When Ghana defaulted on its debts and reached a preliminary agreement on a $3bn IMF bailout last December, the world’s lender of last resort imposed many familiar conditions to get the country’s finances back on track.
One demand, however, was strikingly new, and analysts say it will change the debt landscape forever. The IMF said that before it asks its board to approve the support package, Accra must first address its domestic debts — money typically borrowed from local banks, pension funds and insurance companies.
“This has opened a can of worms, in Ghana and elsewhere,” said Thys Louw, emerging market debt portfolio manager at investment company Ninety One. “Every restructuring is going to have this issue hanging over it.”
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