Ghana, UK sign bilateral debt restructuring agreement to unlock key infrastructure projects

Ghana has signed a bilateral debt restructuring agreement with the United Kingdom aimed at easing financing pressures and unlocking funds to support government programmes, including the flagship “Big Push” initiative.

The agreement was signed in Accra by the Minister of Finance, Dr. Cassiel Ato Forson, the UK Export Finance, and the UK’s Trade Commissioner to Africa, John Humphrey, during an official visit to Ghana.

Dr. Forson described the deal as a positive signal to other creditor nations, urging them to expedite similar agreements under ongoing debt restructuring efforts.

“This is the third bilateral agreement we are signing after France and the Exim Bank of China. We are taking steps to restructure debt in excess of $256 million. This milestone will help unlock five major projects: the Bolgatanga Road, Obetsebi Lamptey Interchange Phase II, Kejetia Market Phase II, the Tema-Aflao Road project, and the Komfo Anokye Teaching Hospital Maternity Block in Kumasi,” he stated.

The restructuring deal is expected to pave the way for infrastructure investment of about GH¢2.8 billion, allowing the government to resume stalled projects while also creating fiscal space for initiatives captured in the 2025 National Budget.

Dr. Forson emphasized that the agreement marks an important step toward restoring Ghana to a path of debt sustainability and economic recovery.