France has become the first country under the Paris Club framework to grant Ghana debt relief following the country’s external debt restructuring programme initiated to address post-COVID unsustainable debt levels.
The milestone was marked with a bilateral signing agreement in Accra, attended by Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, French Ambassador Jules Armand Aniambossou, Secretary General of the Paris Club William Roos, and members of the Official Creditors Committee.
Describing the deal as significant, Dr. Forson appealed to other creditors within the Paris Club to emulate France’s gesture, citing Ghana’s improving economic fundamentals.
“Today is a milestone, a milestone in the sense that it has taken us some time to get here. But it is the most significant one. The most significant one, which will pave the way for others to also emulate the steps taken by France in signing this bilateral agreement,” he said.
The minister expressed optimism for a swift conclusion of the remaining restructuring agreements.
“We expect to complete the process as soon as possible so that Ghana will breathe again.”
The signing ceremony came a day after Dr. Forson presented Ghana’s mid-year budget for 2025, outlining improved macroeconomic indicators. He highlighted a sharp decline in inflation from 54% to 13.7%, adding,
“We have gone through turbulent signs but we can see that hope is in sight. We can see that the economy is recovering from economic crises. Inflation which was at 54% is now 13.7% and we expect it to be better.”
French Ambassador Aniambossou said France’s action underscored the strong bilateral ties between both countries.
“This decision was taken not recognise the relationship between the two countries. When your friend or family is facing difficulties, you have to show that you are there for them and take some key actions.”
“This day is also crucial because it enables Ghana to continue its financial recovery.” He noted.
Paris Club Secretary General William Roos urged deeper collaboration among creditor nations to ensure Ghana’s successful exit from debt distress.
“We have to learn to work together. We have to progressively build a strong trust between France, China and the G20 and Paris Club members.” The agreement with France is expected to catalyze approvals from other bilateral creditors, unlocking external financing assurances critical to Ghana’s economic stability and growth targets.
