The Government of Ghana has taken another bold step in its debt restructuring programme with the signing of a US$256 million Bilateral Debt Restructuring Agreement with the United Kingdom. The agreement was signed on behalf of the Republic of Ghana by the Minister for Finance, while the United Kingdom was represented by His Majesty’s Trade Commissioner for Africa, Mr. John Humphrey.
The agreement marks a significant milestone in Ghana’s efforts to restore debt sustainability and stabilize the economy. It is the third bilateral debt restructuring agreement reached by Ghana, following earlier accords with France and the Export–Import Bank of China.
Finance Ministry officials noted that the agreement with the UK underscores the confidence of Ghana’s bilateral partners in the government’s economic recovery programme and its commitment to prudent financial management.
Partnership Beyond Debt Restructuring
Beyond debt relief, Ghana is collaborating with UK Export Finance (UKEF) to reinstate financing for several priority infrastructure and development projects critical to national growth. These include:
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 I of the Tema–Aflao Road Project
Redevelopment and Modernisation of the Kumasi Central Market
These projects, once completed, are expected to ease transportation challenges, expand access to quality healthcare, boost trade, and improve socio-economic activities across the country.
High-Level Representation
The signing ceremony in Accra was attended by high-level dignitaries, including the UK High Commissioner to Ghana, H.E. Christian Rogg, the Chief Director of the Ministry of Finance, and other senior government officials. Their presence underscored the importance of the agreement and the strengthening of Ghana–UK relations.
Boost for Economic Recovery
Officials highlighted that this agreement contributes to Ghana’s broader debt restructuring efforts under the G20 Common Framework, which seeks to ensure a fair and coordinated debt treatment process among creditors.
With this deal, Ghana continues to make steady progress in engaging both bilateral and multilateral partners, a process that is vital to securing long-term economic stability, restoring investor confidence, and creating fiscal space for essential development initiatives.
The Government of Ghana reaffirmed its commitment to working closely with its partners, both domestic and international, to build a resilient economy and to ensure that the benefits of debt restructuring translate into tangible development outcomes for the people.
