Ghana defaulted on most of its external debt in December 2022. It then restructured both the 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 of the Ghanaian bond market? Which institution in South Africa held significant debt exposures in Ghana and why? What was the impact of the default of financial performance of the South African institution? Lastly, is there any other African country that experienced a similar debt challenge