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Ghana has signed a Bilateral Debt Restructuring Agreement with the United Kingdom as part of its ongoing efforts to restore debt sustainability. The agreement, covering approximately US$256 million, was signed by Finance Minister Dr. Cassiel Ato Forson and Mr. John Humphrey, His Majesty’s Trade Commissioner for Africa.
Dr. Forson noted that this is Ghana’s third bilateral debt restructuring deal, following similar agreements with France and the Export-Import Bank of China. He described the development as another key step in the government’s broader debt restructuring programme.
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In a post on X, the Minister revealed that Ghana is also working with UK Export Finance (UKEF) to reinstate funding for several priority infrastructure projects, including:
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Bolgatanga–Bawku–Pulimakom Road Project
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Modernisation of Komfo Anokye Teaching Hospital (KATH)
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Obetsebi Lamptey Interchange and Ancillary Works Project (Phase II)
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Construction of Phase I of the Tema–Aflao Road Project
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Redevelopment and modernisation of Kumasi Central Market
The signing ceremony was attended by the UK High Commissioner to Ghana, H.E. Christian Rogg, the Chief Director of the Ministry of Finance, Mr. Patrick Nomo, and other senior officials. “This milestone reflects the deepening of our partnership with the United Kingdom,” Dr. Forson wrote.
Strengthening Partnerships
Earlier, Dr. Forson welcomed the President of the Arab Bank for Economic Development in Africa (BADEA), H.E. Abdullah KH ALMUSAIBEEH, to the Ministry of Finance. He expressed appreciation for BADEA’s continued support, particularly in the social sector, describing it as an investment in Ghana’s future.
Despite tight fiscal conditions, the Minister stressed that the government remains committed to investing in the real sector. He disclosed that feasibility studies have begun for a new Accra–Kumasi motorway, expected to be completed within two and a half years.
“I emphasized that Ghana’s debt sustainability has improved significantly, and borrowing going forward will be targeted at transformative projects like these. We look forward to engaging BADEA further to explore their support for this landmark road project,” he said.
Story By: Afia Ohenewaa Akyerem