Ghana's investors have signed off on its proposal to restructure $13 billion worth of international bonds, the government said on Thursday, paving the way for the country to emerge from a painful 2022 debt default.

More than 90% of bondholders voted in favour of the plan, the government said in a regulatory news statement, with the new bonds expected to be issued as part of the debt restructuring on or around Oct. 9.

"The transaction, aimed at restructuring Ghana's Eurobonds, has received overwhelming participation and support from bondholders, achieving a pivotal milestone for Ghana's economic recovery program," the government said.

The West African gold and cocoa producer defaulted on most of its $30 billion of international debt in 2022, as the strain of the COVID-19 pandemic, war in Ukraine and higher global interest rates tipped it into crisis.

It secured an agreement in principle with two bondholder groups in June, paving the way for the exchange offer and consent solicitation.

The existing defaulted bonds will be swapped for a number of new instruments - including so-called "disco" bonds and a par bond option capped at $1.6 billion.

Ghana is restructuring its debt under the G20 Common Framework, which has seen Zambia and Chad also reach agreements. Ethiopia is expected to be next, but the setup has been widely criticised for being slow and cumbersome.

(Reporting by Anait Miridzhanian, Duncan Miriri and Karin Strohecker; Editing by Toby Chopra)