Ghana Signs $256 Million Debt Restructuring Deal with UK, Unlocking Key Infrastructure Projects
Ghana has taken a major step toward economic recovery by signing a $256 million bilateral debt restructuring agreement with the United Kingdom. The deal, finalized in Accra, aims to ease Ghana’s debt burden while opening new avenues for development financing. The agreement was signed by Ghana’s Finance Minister, Dr. Cassiel Ato Forson, and the UK Trade Commissioner for Africa, Mr. John Humphrey.
This is Ghana’s third bilateral debt restructuring under the G20 Common Framework, following similar arrangements with France and the Export-Import Bank of China. The move is part of Accra’s broader effort to restore fiscal stability and ensure long-term economic sustainability, signaling to both domestic and international stakeholders that the country is committed to responsible financial management.
Beyond debt relief, the agreement also unlocks UK Export Finance (UKEF) funding for five transformative infrastructure projects across Ghana. These include the Bolgatanga–Bawku–Pulimakom Road Project, the modernization of Komfo Anokye Teaching Hospital, the Obetsebi Lamptey Interchange Phase II, Phase 1 of the Tema–Aflao Road Project, and the redevelopment of Kumasi Central Market. The funding aims to accelerate growth, improve public services, and strengthen trade corridors.
Dr. Forson described the signing as both a relief and a wake-up call, emphasizing Ghana’s resolve to avoid future debt distress. He praised the Ministry of Finance team for their dedication in achieving this breakthrough, reaffirming that the country remains committed to debt sustainability and economic growth.
Mr. Humphrey highlighted the broader significance of the deal for UK–Ghana relations, noting that it goes beyond finance to support tangible infrastructure development. He stressed that initiatives like Ghana’s 24-Hour Economy and the Big Push are not just slogans but reflect actionable commitments backed by international collaboration. Also attending the ceremony were UK High Commissioner H.E. Christian Rogg and the Ministry of Finance Chief Director, Mr. Patrick Nom, underscoring the high-level diplomatic support for the agreement.
source: citi newsroom