Nairobi, Dec. 7 -- Ghana has unveiled details of its domestic debt restructuring programme. Domestic bondholders will now be asked to exchange their instruments for new ones.

Existing domestic bonds as of December 1, 2022, will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037.

The coupon on the new bonds will be set at zero per cent in 2023, 5 per cent in 2024 and 10 per cent from 2025 until maturity.

Coupon payments will still be semi-annual. Essentially domestic bondholders in Ghana will be taking a massive haircut on interest.

Ghanaian bonds offered some of the highest returns, with average coupons of around 18 per cent.

Coupons ranged between 17 per cent to 22 per cent with some bonds offering as hig...