Africa-Press – Ghana. Ghana and the United Kingdom have signed a bilateral agreement to restructure debt in excess of US$256 million.
The agreement will enable Ghana to reschedule, by 15 years, the bilateral debt to the United Kingdom as part of the external debt restructuring programme embarked on a couple of years ago.
Ghana’s Minister of Finance, Dr Cassiel Ato Forson Ghana and Mr John Humphrey, His Majesty’s Trade Commissioner for Africa, signed the deal.
Speaking at the signing ceremony, Dr Forson said Ghana was seeing some significant signs of economic recovery after the difficulties of 2022 with inflation declining at a pace that government wanted it to be.
“We are likely to hit single-digit before the year ends. We are seeing debt coming down. We are seeing growth rebound at levels that are encouraging, particularly in the real sector.
We are also witnessing an improvement in our unemployment, where employment is being created by the real sectors of the economy,” he said.
He said with the assistance of the UK would send a signal to the rest of Ghana’s bilateral partners that were also to sign the agreement to come on board.
Forson added that the agreement would unlock five major UK export projects prioritised for resumption by the government.
These include the 109 kilometer Bolgatanga-Bawku-Pulmakom Road Project, Obetsebi Lamptey Interchange Phase II, Kejetia Market Phase II, Komfo Anokye Teaching Hospital Maternity Unit and Tema-Aflao Project Phase I.
“The government of Ghana will take steps to ensure that we do what we have to do from our side, so that together we can begin the disbursement of these facilities so these projects can begin in earnest,” he said.
“We know that the UK will stand with us, as the government of Ghana, to go through the process of resetting our economy and to correct the wrongs and to stop the decline. It is obvious that we are making some progress, but we are always aware that we need to do more,” he added.
On his part, Mr Humphrey said the signing was a landmark moment in the UK-Ghana partnership and
part of a broader effort to normalise economic relations, following Ghana’s recent economic challenges and to deepen trade and investment ties for the future.
He said as part of commitment, the UK Export Finance was working to restart five facilities that would support critical projects prioritised by the government of Ghana under the big push and the broader development agenda.
“Today’s agreement is more than just a financial agreement. It’s a signal of the sort of confidence, partnership, and shared ambition between the UK and Ghana. And by restructuring this debt in partnership with the Paris Club and G20, we’re creating the fiscal space Ghana needs to deliver on its bold vision for the future, including the 24-hour economy and the big push initiatives,” he said.
He said the agreement would unlock up to an additional £170 million to complete key infrastructure projects being delivered by UK exporters, projects that will create jobs, drive growth and strengthen the foundations of Ghana’s economy.
“The UK is excited to work with Ghana to deliver growth, attract investment and create a future where trade is not just about transactions but about transformation,” he added.
For More News And Analysis About Ghana Follow Africa-Press
