Ghana, the West African nation that defaulted in 2022, is set to outperform peers from Latin America to Asia as it delivers best dollar-bond returns in May, reflecting renewed investor confidence in its economic management.
According to Bloomberg data, Ghana’s dollar bonds returned 8.7% in May alone, dwarfing the emerging-market average of just 0.4%.
The country’s dramatic turnaround is fueling optimism that its long and painful restructuring process, backed by the International Monetary Fund (IMF), may finally be bearing fruit.