Accra: Ghana has successfully signed a £87.7 million debt relief agreement with France, concluding two years of negotiations under the Official Creditor Committee (OCC) arrangement. This move positions France as the first bilateral creditor to finalize such an agreement with Ghana.
According to Ghana News Agency, Dr. Cassiel Ato Baah Forson, the Finance Minister, represented Ghana in the signing, while Mr. William Ross, Co-Chair of the OCC, signed on behalf of France. The agreement includes a full debt service reduction, lower interest rates, and extended maturity terms for Ghana's debt. Dr. Forson expressed gratitude to France, the Paris Club, and other involved parties, acknowledging their collaborative efforts leading to this milestone.
Dr. Forson highlighted improvements in Ghana's economy and reiterated the government's commitment to sustaining progress while attracting investments in key sectors such as healthcare, education, agriculture, and infrastructure. He noted that inflation has decreased from 54.1% to 13.7%, external reserves have improved to cover four months of imports, and the primary surplus stands at 1.1% of GDP.
Thomas Nyarko Ampem, Deputy Finance Minister, emphasized that the agreement provides clarity and certainty regarding Ghana's debt sustainability, indicating that the country is on the right track. Mr. Ross acknowledged the complex nature of Ghana's debt treatment and praised the professional engagement with stakeholders, which built trust among creditors.
The French Ambassador to Ghana, Mr. Jules Armand Aniambossou, described the agreement as a reflection of the strong historical ties and the significant role Ghana plays in the region. This development is part of a broader debt restructuring effort linked to Ghana's three-year US$3 billion loan-supported program with the International Monetary Fund (IMF), with US$2.3 billion already disbursed.
