Ghana defaulted on most of its external debt in December 2022. It then restructured both their domestic and overseas debt as a condition of a $3 billion rescue loan from the International Monetary Fund. What led to this default? What is the current status for the Ghanaian bond market? Which institutions in South Africa held significant debt exposures in Ghana and why? What was the impact of the default on the financial performance of these South African institutions? Lastly, is there any other African country that is experiencing the similar debt challenges?