A panel of investors on Friday determined that a credit event had occurred with respect to Ghana, triggering payments of default insurance known as credit default swaps.

"Based on public information, the (Europe, Middle East and Africa Derivatives Committee) determined that (Ghana) had failed to make payments within the applicable grace period," the committee said in a statement.

Ghana failed to pay interest due in January on its $1 billion international bond due 2026.

(Reporting by Rodrigo Campos, Editing by Rachel Savage)