Ghana has signed a Bilateral Debt Restructuring Agreement with the United Kingdom, covering US$256 million.
This is the third bilateral agreement Ghana has concluded under the G20 Common Framework, following similar deals with France and China.
The agreement was signed in Accra last Wednesday by the Finance Minister, Dr. Cassiel Ato Forson, and His Majesty’s Trade Commissioner for Africa, Mr. John Humphrey.
The deal also allows UK Export Finance (UKEF) to resume funding for five major infrastructure projects.
“Bolgatanga–Bawku–Pulimakom Road Project, Modernization of the Komfo Anokye Teaching Hospital (KATH), Obetsebi Lamptey Interchange and Ancillary Works Project Phase II, Construction of Phase 1 of the Tema–Aflao Road Project, Redevelopment and Modernisation of Kumasi Central Market”, he said.
According to Dr. Forson the signing is “both a relief and a call to action,” adding that it is the nation’s hope “never to return to this point of debt distress.” He also thanked the Ministry of Finance team for their work.
Mr. John Humphrey called the deal a “landmark moment in UK–Ghana relations,” stating it is “more than just a financial agreement”, he said.
“The partnership is making room for significant infrastructural development in Ghana,” and that initiatives like the 24-Hour Economy and the Big Push are “not mere slogans but real commitments backed by international collaboration”, he added.
The signing ceremony was also attended by the UK High Commissioner to Ghana, H.E. Christian Rogg, and the Chief Director of the Ministry of Finance, Mr. Patrick Nomo.
Joyce Adwoa Animia Ocran, ISD
