Accra, July 25, 2025 – Ghana has achieved a major breakthrough in its external debt restructuring programme with the signing of a landmark bilateral agreement with France, formalising Paris’ commitment to debt relief for the West African nation.
The agreement, signed on Friday, July 25, positions France as the first member of the Paris Club to formally seal a debt relief deal with Ghana since the country initiated external debt restructuring efforts in the wake of its post-COVID-19 economic crisis.
Announcing the milestone during his 2025 Mid-Year Budget Review presentation to Parliament, Finance Minister Dr. Cassiel Ato Forson expressed gratitude to the French government and urged other Paris Club members to emulate France’s example.
“We are thankful to the government of France for being the first to sign onto the debt relief deal,” Dr. Forson said. “This is a clear indication of confidence in Ghana’s reforms and recovery. We encourage our other creditors to take note of our progress and act accordingly.”
The agreement was reached after Ghana received Parliamentary approval for the indicative terms outlined by the Official Creditor Committee (OCC), formed under the G20 Common Framework for Debt Treatments.
Key Highlights of the Agreement
- Debt Relief Scope: The agreement provides partial relief on Ghana’s bilateral obligations to France, easing fiscal pressure on government resources.
- Commitment to Reform: It underscores Ghana’s continued efforts to maintain fiscal discipline, restructure debts, and restore macroeconomic stability.
- Investor Confidence: By formalising terms with a key Paris Club member, the government hopes to send a strong signal to commercial creditors and multilateral lenders.
The debt relief deal is part of a broader economic recovery programme backed by the International Monetary Fund (IMF), under which Ghana is implementing strict reform benchmarks to address high debt levels, inflation, and fiscal imbalances.
Dr. Forson reaffirmed Ghana’s commitment to restructuring both bilateral and commercial debts under the G20 framework and described this deal with France as critical to rebuilding investor trust and ensuring long-term financial stability.
Next Steps
Analysts expect the agreement with France to pave the way for similar deals with other Paris Club countries, including Germany, the UK, and Japan. Ghana is also working toward a Memorandum of Understanding (MoU) with its commercial creditors, which will form the next phase of the debt restructuring strategy.
This development marks a positive turning point in Ghana’s quest to re-anchor its economy after years of turbulence, positioning the country to sustain growth, attract investment, and protect social spending.
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