Ghana has achieved a significant milestone in its economic recovery journey after officially securing bilateral debt relief from France, marking the first such agreement under the country’s external debt restructuring program.
The deal, formalised on Friday, July 25, positions France as the first member of the Paris Club—a group of major creditor nations—to extend this crucial financial relief to Ghana following the country’s debt distress exacerbated by the COVID-19 pandemic.
At the signing ceremony in Accra, Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, described the agreement as a “milestone” and a major breakthrough in the nation’s efforts to stabilise its economy.
“It has taken us some time to get here. But this is the most significant step yet,” Dr. Forson stated. “It paves the way for other creditor countries to emulate France’s leadership and support Ghana’s recovery.”
The deal comes on the heels of Dr. Forson’s mid-year budget presentation to Parliament, in which he reaffirmed the government’s commitment to economic consolidation and stability.
He used the occasion to call on other Paris Club members to follow France’s example and move swiftly in concluding similar bilateral agreements with Ghana.
“We expect to complete the process as soon as possible so that Ghana will breathe again,” he added.
This agreement represents a crucial development in Ghana’s broader external debt restructuring efforts, which are aimed at restoring debt sustainability and freeing up fiscal space for critical social and development spending.
Post-COVID-19, Ghana’s public debt ballooned to unsustainable levels, forcing the government to suspend external debt payments in 2022 and seek a bailout from the International Monetary Fund (IMF). In December 2022, Ghana signed a $3 billion deal with the IMF, conditioned on a comprehensive debt restructuring strategy.
France’s move is not only timely but symbolic—it reinforces Ghana’s credibility in the international financial arena and strengthens the country’s negotiating position with other bilateral and multilateral creditors.
Speaking at the event, the French Ambassador to Ghana, Jules Armand Aniambossou, emphasised the importance of solidarity in difficult times.
“This decision was not only technical. It reflects the strong relationship between France and Ghana,” he noted. “When a friend is in difficulty, you stand by them and take bold steps.”
He added that the agreement will enable Ghana to continue its path toward full financial recovery and economic renewal.
Also present was William Roos, the secretary general of the Paris Club and co-chair of Ghana’s Official Creditors Committee. Roos stressed the need for deeper collaboration between traditional lenders like France and emerging lenders such as China to ensure the success of Ghana’s debt restructuring.
“We must build strong trust among France, China, the G20, and Paris Club members,” Roos said. “Only through unified action can we support Ghana effectively.”
Ghana’s government has consistently highlighted signs of economic improvement as justification for further support from the international community. Inflation has dropped from a high of 54% to 13.7% in July 2025, while the cedi has shown signs of stability. The fiscal deficit has narrowed, and market confidence is gradually returning.
Dr. Forson, who also serves as Member of Parliament for Ajumako Besease, expressed optimism that these indicators would help fast-track the remaining stages of the restructuring process.
“We have gone through turbulent times, but hope is in sight. The economy is recovering, and we are determined to stay the course.”
With France breaking the ice, attention now turns to other creditor nations within and outside the Paris Club. Ghana’s ability to secure similar agreements will be pivotal in unlocking further disbursements under the IMF program and sustaining its economic turnaround.
The Finance Ministry has indicated that it will continue to engage with other bilateral creditors in the coming weeks, with the aim of concluding all agreements by the end of the year.
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