ACCRA (Reuters) - Ghana's long-running debt restructuring took another step towards the finish line on Monday after the government said it struck an agreement in principle on a debt rework with holders of some $13 billion of international bonds.

Below is a condensed timeline of key events:

* February 2022 - Credit ratings agency Moody's downgrades Ghana's credit rating from B3 to Caa1, saying the country had a "very high credit risk", after Fitch cut its Ghana credit rating to B- from B in January.

* March 2022 - Ghana's central bank hikes interest rates by a record 250 basis points to 17% in a bid to stem rocketing inflation and a weakening currency.

* April 2022 - The cocoa producer's parliament approves an "e-levy" tax on electronic payments.

* May 2022 - Ghana's then-finance minister Ken Ofori-Atta says it will manage its debt without International Monetary Fund (IMF) help.

* July 1, 2022 - Ghana's government changes its mind and asks the IMF for a loan, amid street protests against growing economic hardship.

* July 20, 2022 - Ghana's parliament approves a $750 million loan from the African Export Import Bank as it scrambles to avoid default.

* August 2022 - Ghana's central bank delivers another record interest rate hike, as inflation continues climbing.

* Dec. 5, 2022 - Ghana launches a domestic debt exchange in a bid to deal with spiralling debt payments.

* Dec. 12, 2022 - Ghana and the IMF reach a "staff-level agreement" on a $3 billion rescue package, with debt restructuring one of the conditions.

* Dec. 20, 2022 - Ghana says it will default on most external debt.

* Dec. 22, 2022 - Local pension funds are exempted from the domestic debt exchange after unions threaten a general strike.

* January 2023 - Ghana requests a debt restructuring under the G20's Common Framework process, set up in response to the COVID-19 pandemic to include China, India and other creditor countries not in the traditional Paris Club of wealthy lending nations.

* February 2023 - Ghana's finance ministry says the domestic debt exchange closed with about 85% of "eligible" bondholders on board, after five deadline extensions. The country's official bilateral creditors start talks to form a committee.

* March 2023 - Ghana's government and a group of holders of about $13 billion in international bonds start debt restructuring talks via their respective advisers.

* May 2023 - Ghana's official creditors form a committee co-chaired by China and France and commit to restructuring their loans to the country. These "financing assurances" pave the way for the IMF board to approve the $3 billion rescue loan, five days later.

* June 2023 - Ghana sends a restructuring proposal to official creditors, as it aims to cut $10.5 billion in interest payments over the following three years.

* October 2023 - Ghana and the IMF reach a staff-level agreement on the first review of the $3 billion loan programme, with a second $600 million payout contingent on agreeing a debt rework plan with official creditors. The finance ministry proposes a 30-40% haircut to bondholders; bond prices sink in response.

* January 2024 - Ghana reaches a deal-in-principle on Jan. 12 to restructure $5.4 billion of debt to its official creditors, with the IMF subsequently approving the next loan payout a week later.

The government tells overseas bondholders that it wants a simple debt restructuring, rather than using any "state-contingent debt instruments", which link payouts to variables such as economic growth or commodity prices.

* February 2024 - Ghana's president replaces Ken Ofori-Atta as finance minister with his deputy Mohammed Amin Adam, who pledges to keep the IMF programme on track.

* March 2024 - Ghana and the international bondholder group kick off formal talks.

* April 2024 - Ghana and its bondholders fail to strike a deal, with the government saying the proposals put forward were not extensive enough to cut its debt to a level that the IMF would judge as sustainable.

* May 2024 - Ghana's government confirms that a draft memorandum of understanding has been received from its bilateral creditors. Once signed, the MoU will formalise the $5.4 billion agreement reached in January with the likes of France and China.

* June 2024 - Ghana and its international bondholders reach an agreement in principle on restructuring of its dollar bonds.

(Reporting by Maxwell Akalaare Adombila, Additional reporting by Duncan Miriri in Nairobi and Marc Jones in London; Editing by Anil D'Silva)