The West African country, which is going through its worst economic crisis in a generation, had on Monday launched a plan to exchange its local bonds for new ones with fresh maturity dates and coupon rates to help restore macroeconomic stability.
The relief measures in the central bank's letter include the reduction of cash reserve requirement ratio to 12% on cedi deposits, and the risk-weights for new bonds to be 0% for calculating the capital adequacy ratio and 100% for old bonds. The west African producer of gold, cocoa and oil is aiming to cut its debt-to-GDP ratio from 100% to 55% by 2027, as it struggles with interest payments that the finance minister said have jumped to between 70% and 100% of revenues.
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