Ghana’s dollar bonds have fluctuated as concerns rise over the government’s offer of better terms to investors in local government securities, which may shift a bigger burden of a planned restructuring onto holders of the external debt. The eurobond maturing January 2026, on which the nation missed a coupon payment last week, was little changed after S&P Global Ratings downgraded the note to default. Securities due 2027 and 2035, on which coupon payments are due next month, fell marginally. Ghana’s three-pronged approach to its debt restructuring, which includes a swap for local securities, a suspension of payments on eurobonds, and negotiations under the Group of 20 Common Framework for bilateral debt, has unnerved investors as authorities took the decisions without consulting them. While the government has sweetened its swap proposal for cedi-denominated debt, it also raised the possibility that terms offered to other creditors would have to be tougher. The restructuring is...