Ghana has signed its third bilateral debt restructuring agreement, this time with the United Kingdom, covering more than US$256 million as part of efforts to ease the country’s financing pressures and advance key infrastructure projects.
The agreement was signed in Accra by Finance Minister Dr. Cassiel Ato Forson and the UK’s Export Finance, represented by His Majesty’s Trade Commissioner to Africa, John Humphrey, during an official visit.
According to Dr. Forson, the deal marks another significant step in Ghana’s engagement with the External Creditor Committee and is expected to encourage other members to expedite their own agreements.
“This is the third bilateral agreement—after France and the Exim Bank of China—and signing with the UK signals that our journey of recovery is firmly on course,” the Minister said.
The restructuring will allow government to resume five priority projects valued at about GH¢2.8 billion. These include the Bolgatanga Road, Phase 2 of the Obetsebi Lamptey Interchange, Phase 2 of the Kejetia Market, the Tema-Aflao Road Project, and the Komfo Anokye Teaching Hospital Maternity Block in Kumasi.
Dr. Forson noted that the deal will help restore debt sustainability while freeing up resources to support initiatives in the 2025 National Budget and other economic programmes.
On his part, John Humphrey reaffirmed the UK’s commitment to Ghana’s growth, pledging support for flagship policies, including the recently launched 24-hour Economy initiative.
The signing with the UK adds momentum to Ghana’s broader debt restructuring strategy, which government hopes will unlock new financing streams for “The Big Push” and other development programmes.