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Accra has reached an agreement in principle with its bondholders for the restructuring of $13 billion worth of international debt. The deal will see bondholders take a haircut on principal of up to 37% and maturity of the bonds lengthened. The West African gold and cocoa producing nation defaulted on most of its $30 billion in external debt in 2022, under the strain of the COVID-19 pandemic, the war in Ukraine and higher global interest rates and surging debt. Like Zambia, Ghana also signed up for debt treatment under the G20 Common Framework, a process designed to facilitate quick debt overhauls and to bring the newest large bilateral lender, China, into the process.