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IMF deal: 4 firms advising government on debt management – Redd Intelligence

The Ghanaian government is working with at least four separate advising firms on economic strategy and debt management as part of the sovereign’s negotiations with the International Monetary Fund, according to Singapore-based finance and market research firm Redd Intelligence.

However, it claims that because the regulations have not yet been established, the companies are cooperating with the government informally.

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In addition to investment bank Lazard, law company Hogan Lovells, sovereign consulting business Global Sovereign Advisory, and investment banking and advisory firm Lion’s Head Global Partners among the companies named.

There is a push for external bondholders to organize in the coming weeks, the statement continued, adding that the government’s discussions with the IMF are still in the early stages and need a broad framework.

There will probably be two external bondholder committees. Holders of the 2030 Eurobond with partial guarantee may choose to form a separate organization, it was emphasized.

Redd Intelligence added that investment bank Lazard and law firm Hogan Lovells are collaborating on a joint mandate to advise Ghana. Lazard has been in the lead to receive a financial advice mandate.

The Ghanaian government is also collaborating with Global Sovereign Advisory (GSA), a Paris-based company that offers consulting services on public policy, as well as economic and financial strategy, including debt.

Lion’s Head Global Partners, a firm that specializes in investment banking, asset management, and advisory services for emerging and frontier markets, is also involved.

IMF and government talks have been productive so far.

Following discussions between the Ghanaian team, led by Finance Minister Ken Ofori-Atta, and the Fund in Washington, DC, on October 9–11, 2023, the IMF released a statement on Ghana.

The conversations were described as “extremely constructive” by the Fudn, who also stated that they will continue in the upcoming weeks and that a follow-up expedition would “take place swiftly.”

Since the 2023 state-budget declaration is anticipated in November 2022, Mr. Ofori-Atta stated last month that negotiations with the IMF would be “fast-tracked” to guarantee that important program elements were included.

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