Ghana and the United Kingdom have sealed a major deal to restructure $256 million in bilateral debt, stretching repayment timelines by 15 years. The move is designed to give Accra some breathing space as it works toward economic recovery. The agreement was signed in Accra by British Trade Commissioner for Africa, John Humphrey, and Ghana’s Finance Minister, Cassiel Ato Forson.
According to Humphrey, the pact reflects London’s strong support for Ghana’s development goals. He explained that by extending repayment terms under the Paris Club and G20 framework, Ghana will now have more fiscal space to invest in its future. UK officials also believe the move sends a positive signal to other creditors that Ghana’s reform plans are credible.
One of the key areas to benefit from this arrangement is infrastructure. Forson revealed that part of the funds will be directed towards major road projects aimed at improving transport networks, boosting trade, and creating jobs for Ghanaians. He assured that the government will play its part to ensure the funds are quickly disbursed so that projects can kick off without delay.
The debt relief deal comes at a time when Ghana is gradually recovering from a financial downturn that pushed it to seek IMF support. Forson stressed that the UK agreement would encourage other bilateral partners to conclude their own restructuring deals, further strengthening the country’s economic rebound.
Overall, this step is a milestone in Ghana’s journey to ease its debt burden while unlocking resources for vital infrastructure. It not only reassures investors but also shows that international partners are backing Ghana’s reform path with confidence.
