Ghana: Bond collapse opens value opportunity amid risks

  • Ghana eurobond yields have rocketed to 20% as twin shocks of war and rates add to pre-existing fiscal concerns

  • Fiscal and BOP developments also underwhelm, while high inflation (28% yoy) poses a policy dilemma

  • But prices (cUS$52 for '32s) are now in line with even our more pessimistic recovery values; upgrade to Buy
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