Finance Minister signs Bilateral Debt altering Agreement with the United Kingdom

The Finance Minister, Dr Cassile Ato Forson, has signed a Bilateral Debt Restructuring Agreement with the United Kingdom, represented by His Majesty’s Trade Commissioner for Africa, Mr. John Humphrey.

The agreement covers about US$256 million and represents another important step in Ghana’s debt restructuring efforts.

The Minister said that this marks the third bilateral debt restructuring agreement signed by Ghana, following similar agreements with France and the Export-Import Bank of China.

In a post on his X page, he said that Ghana is also working with UK Export Finance (UKEF) to reinstate financing for the following priority projects:

Bolgatanga–Bawku–Pulimakom Road Project, Modernisation 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.

“Also present at the signing ceremony were the UK High Commissioner to Ghana, H.E. Christian Rogg; the Chief Director of the Ministry of Finance, Mr. Patrick Nomo; and other officials. This milestone reflects the deepening of our partnership with the United Kingdom,” he wrote.

Earlier, the finance minister also welcomed the President of the Arab Bank for Economic Development in Africa (BADEA), H.E. Mr. Abdullah KH ALMUSAIBEEH, to the Ministry of Finance.

He expressed Ghana’s appreciation for BADEA’s longstanding support, particularly in the social sector, which continues to be an investment in our future.

Despite the tight fiscal space, we must continue to invest in the real sector. 

That is why government has begun feasibility studies for a new Accra–Kumasi motorway, to be constructed within 2½ years.

“I emphasized that Ghana’s debt sustainability has improved significantly, and borrowing going forward will be targeted at transformative projects like these. We look forward to engaging BADEA further to explore their support for this landmark road project!”