Ghana received the approval for more than 90% of bondholders to restructure and exchange $13 billion of international debt, it said on Thursday, clearing the last hurdle in its protracted debt rework.

Ghana has successfully restructured more than 96% of its debt, marking a significant milestone in the country rsquo;s economic recovery and positioning it closer to its 2028 debt sustainability goals,

Ghana received “overwhelming” participation and support from its international bondholders to restructure $13 billion of its overseas bonds, a key step of the West African nation’s debt rework.

In a significant move towards economic recovery, Ghana has successfully completed its Eurobond debt exchange, restructuring $13 billion of its external debt. This achievement follows the completion of the Domestic Debt Exchange Programme (DDEP) and the Memorandum of Understanding (MoU) with the Official Creditors Committee (OCC).

The haircut on $13bn of debt is the largest in African history – the country’s economy has struggled with low economic growth.

Ghana will exit a debt default after the west African nation completed a restructuring of $13bn in US dollar bonds, paving the way for a return to global capital markets almost two years after an economic crisis forced it to suspend debt repayments.