Ghana has taken another decisive step in its economic recovery journey with the signing of a US$256 million Bilateral Debt Restructuring Agreement with the United Kingdom under the G20 Common Framework.
The agreement was signed in Accra by Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, and the UK’s Trade Commissioner for Africa, Mr. John Humphrey. It marks Ghana’s third bilateral debt deal, following similar agreements with France and the Export-Import Bank of China.
Unlocking Strategic Infrastructure Financing
More than just a debt restructuring measure, the agreement reinstates UK Export Finance (UKEF) support for five major infrastructure projects deemed critical to Ghana’s long-term development:
Bolgatanga–Bawku–Pulimakom Road Project
Modernisation of Komfo Anokye Teaching Hospital (KATH)
Phase II of the Obetsebi Lamptey Interchange and Ancillary Works
Phase I of the Tema–Aflao Road Project
Redevelopment and Modernisation of Kumasi Central Market
These projects, spanning health, transport, and market infrastructure, are expected to boost employment, enhance connectivity, and improve public services across the country.
A Turning Point in Recovery
Speaking at the ceremony, Dr. Ato Forson described the agreement as a “relief and a call to action,” emphasizing Ghana’s determination to restore macroeconomic stability and avoid future debt distress.
“This is not just a financial milestone—it is a symbol of our resilience. We hope never to return to this point of debt vulnerability,” Dr. Forson stated. He also commended the Ministry of Finance team for their technical diligence throughout the negotiation process.
Strengthening UK–Ghana Relations
UK Trade Commissioner John Humphrey hailed the agreement as a landmark moment in bilateral relations, underscoring the UK’s continued confidence in Ghana’s economic potential:
“This is more than just a financial agreement. It is a demonstration of trust and a foundation for deeper cooperation across trade, infrastructure, and development.”
Background: Ghana’s Common Framework Progress
Ghana entered into negotiations under the G20 Common Framework for Debt Treatments in 2023 as part of its broader debt sustainability strategy. The framework allows low-income countries to coordinate debt restructuring with both official bilateral and private creditors in a fair and timely manner.
With deals now concluded with France, China, and the United Kingdom, Ghana is steadily advancing toward restoring fiscal stability, unlocking multilateral support, and attracting private sector investment for growth.
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