The Government of the Republic of Ghana (the “Government”), advised by Lazard Frères and Hogan Lovells, acting respectively as financial and legal advisors, is pleased to announce that it has reached an Agreement in Principle (“AIP”) with the members of the Steering Committee (the “International Steering Committee”) of the Ad Hoc Creditor Committee of International Bondholders (the “International Committee”), advised by Rothschild & Cie and Orrick, Herrington & Sutcliffe LLP and with members of the Steering Committee (the “Regional Steering Committee” and, together with the International Steering Committee, the “Steering Committees”) of the Creditor Committee of Regional Bondholders (the “Regional Committee”), advised by Renaissance Capital Africa regarding the potential treatment of the Republic of Ghana’s Eurobonds (the “Bonds”).
The members of the International Committee currently own or control approximately 40% of the outstanding Bonds.
The members of the Regional Steering Committee and all the members of the Regional Committee currently jointly own or control approximately 15% of the outstanding Bonds.
