Ghana Signs $256M Debt Restructuring Deal with UK, Unlocking Key Infrastructure Projects
Ghana has signed its third bilateral debt restructuring agreement with the United Kingdom, rescheduling over $256 million in debt over 15 years as part of the external creditor restructuring program, paving the way for resumed funding of five major infrastructure projects valued at GH¢2.8 billion.
Finance Minister Dr. Cassiel Ato Forson inked the deal with UK Export Finance and His Majesty’s Trade Commissioner to Africa, John Humphrey, during an official visit to Accra. This follows similar pacts with France and China’s Exim Bank, signaling progress in Ghana’s economic recovery post-2022 default on $30 billion in external debt.
Forson hailed it as a milestone, noting it eases fiscal pressures and restores debt sustainability, with public debt falling to 43.8% of GDP by June 2025 from 55% in March.
The agreement unlocks stalled “Big Push” initiatives from the 2025 budget, including the Bolgatanga Road, Obetsebi-Lamptey Interchange Phase 2, Kejetia Market Phase 2, Tema-Aflao Road, and Komfo Anokye Teaching Hospital Maternity Block in Kumasi. “Signing with the UK concludes more or less our journey of recovery… This will unlock five major projects,” Forson stated.
Humphrey reaffirmed the UK’s partnership, emphasizing support for Ghana’s 24-hour economy and trade ties. “By restructuring this debt… we’re creating the fiscal space Ghana needs,” he said.a5dd21838dd7ea788c UK High Commissioner Christian Rogg and Finance Ministry Chief Director Patrick Nomo attended the ceremony.
The deal aligns with the IMF’s Extended Credit Facility, targeting a debt-to-GDP ratio of 55% and debt-service-to-revenue below 18% by 2028, amid recent economic gains like single-digit inflation projections.
