Ghana, UK sign $256m debt restructuring deal to boost Infrastructure
By Praisebell Rosemond Larbi
Ghana has signed its third bilateral debt restructuring agreement, this time with the United Kingdom, in a move expected to ease fiscal pressures and unlock key infrastructure projects across the country.
The agreement, valued at over USD256 million, was signed in Accra by Minister of Finance Dr Cassiel Ato Forson, alongside UK Export Finance and His Majesty’s Trade Commissioner to Africa, John Humphrey, who is on an official visit to Ghana.
Dr Forson said the UK’s participation sends a strong signal to other members of the External Creditor Committee to swiftly finalise their respective agreements.
“This is the third bilateral restructuring we are undertaking, following deals with France and the Exim Bank of China. Signing with the UK is particularly significant, given our long-standing ties. This marks an important step in our journey to recovery,” the Finace Minister said.
The deal will pave the way for the resumption of five priority infrastructure projects, valued at about GHS2.8 billion.
These include the Bolgatanga Road, Obetsebi Lamptey Interchange Phase II, Kejetia Market Phase II, Tema-Aflao Road Project and the Komfo Anokye Teaching Hospital Maternity Block in Kumasi.
According to the Finance Minister, the restructuring will reduce financing burdens on government, free up resources for the 2025 National Budget and help restore the country to a path of debt sustainability.
On his part, John Humphrey reaffirmed the UK’s commitment to Ghana’s growth.
“The UK will continue to support Ghana’s development agenda, including the newly launched 24-Hour Economy Policy and other strategic government initiatives,” he assured.
