Ghana agreed to terms to swap about $4 billion of domestic debt, taking another step toward meeting its obligations under an International Monetary Fund bailout, Bloomberg News reported. The results imply Ghana achieved about 95% target under the latest three debt exchange deals. The country’s Eurobond maturing in 2032 declined by 0.2 cents on Wednesday to 43.7 cents on the dollar. Notes maturing in 2051 dropped by a similar amount to 42 cents on the dollar. Pension funds agreed to exchange 29.6 billion cedis ($2.6 billion) out of 31 billion cedis of existing bonds for two new notes maturing in 2027 and 2028. The new instruments pay a total 21% coupon, compared with an average rate of 18.5% on the old holdings, under a special structuring to ensure the retirement funds don’t lose any money. Investors also agreed to swap $741.7 million of foreign currency-denominated notes out of $809 million eligible bonds for two new securities maturing in 2027 and 2028 that pay 2.75% and 3.25% respectively, the Finance Ministry said late Tuesday. Read more.