Ghana and the United Kingdom have signed a bilateral agreement to restructure more than US$256 million in debt, giving the country a 15-year repayment window as part of its ongoing external debt restructuring programme.
The agreement was signed in Accra by Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, and Mr. John Humphrey, His Majesty’s Trade Commissioner for Africa.
Dr. Forson said the deal marks an important milestone in Ghana’s economic recovery journey, noting that inflation is easing, debt levels are declining, and growth is rebounding, particularly in the real sector.
“We are likely to hit single-digit inflation before the year ends. We are seeing debt coming down. We are seeing growth rebound at levels that are encouraging. Employment is also improving, with jobs being created in the real sectors of the economy,” he said.
The Minister explained that the UK’s support would signal to other bilateral partners still negotiating with Ghana to also come on board.
He added that the agreement would pave the way for the resumption of five major UK-backed projects considered critical to the government’s development agenda.
These projects include the 109-kilometre Bolgatanga-Bawku-Pulmakom Road Project, Obetsebi Lamptey Interchange Phase II, Kejetia Market Phase II, Komfo Anokye Teaching Hospital Maternity Unit, and Phase I of the Tema-Aflo Road Project.
“The government of Ghana will take steps to ensure that we do what we have to do from our side, so that together we can begin the disbursement of these facilities and allow these projects to begin in earnest,” Dr. Forson assured.
He stressed that the UK’s continued partnership demonstrates confidence in Ghana’s economic reset. “It is obvious that we are making some progress, but we are always aware that we need to do more,” he added.
For his part, Mr. Humphrey described the signing as a landmark moment in UK-Ghana relations, saying it represents a broader effort to normalise economic ties after Ghana’s recent financial challenges.
He noted that UK Export Finance is working to restart five facilities that will support Ghana’s priority projects under the government’s “big push” development agenda.
“Today’s agreement is more than just a financial arrangement. It is a signal of confidence, partnership, and shared ambition between the UK and Ghana,” Mr. Humphrey said.
“By restructuring this debt in partnership with the Paris Club and G20, we are creating the fiscal space Ghana needs to deliver on its bold vision for the future, including the 24-hour economy and big push initiatives.”
According to Mr. Humphrey, the deal will unlock up to an additional £170 million to complete critical infrastructure projects being undertaken by UK exporters. These projects, he said, will not only drive economic growth but also create jobs and strengthen Ghana’s long-term foundations.
“The UK is excited to work with Ghana to deliver growth, attract investment and create a future where trade is not just about transactions but about transformation,” he added.
