Ghana and France have signed a bilateral agreement to officially grant Ghana debt relief under the country's external debt restructuring programme.

France becomes the first country within the Paris Club framework to grant Ghana this relief after the country underwent a debt restructuring exercise caused by unsustainable levels post COVID-19.

While expressing gratitude at the signing ceremony, the Minister of Finance, Dr. Cassiel Ato Forson appealed to other countries within Paris Club framework to consider Ghana's economic gains and emulate France's gesture.

"Today is a milestone, a milestone in the sense that it has taken us some time to get here. But it is the most significant one. The most significant one, which will pave the way for others to also emulate the steps taken by France in signing this bilateral agreement", he said.

“We expect to complete the process as soon as possible so that Ghana will breathe again.” Dr. Forson asserted in anticipation of a speedy process.

The signing comes a day after the finance minister delivered the mid-year budget statement for the 2025 fiscal year.

The ceremony hosted the French ambassador to Ghana, Jules Armand Aniambossou as well as the co-chair of the official creditors committee and the Secretary General of the Paris Club, William Roos. Also in attendance were officials from the Ministry of Finance, Official Creditors Committee and the French government.

The Member of Parliament for Ajumako Besease was optimistic that the current economic gains being enjoyed by the country will be considered by other members within the Paris Club framework and quicken the process leading to the completion of Ghana’s external debt restructuring.

“We have gone through turbulent signs but we can see that hope is in sight. We can see that the economy is recovering from economic crises. Inflation which was at 54% is now 13.7% and we expect it to be better.”

The French Ambassador said the action taken by France signifies the healthy relations that exist between the countries.

According to him, the move was crucial due to Ghana’s unique role in the submission and its economic recovery programme.

“This decision was taken not recognise the relationship between the two countries. When your friend or family is facing difficulties, you have to show that you are there for them and take some key actions.”

“This day is also crucial because it enables Ghana to continue its financial recovery.” Amb. Aniambossou noted.

Meanwhile, Willaim Roos, has called for effective collaboration to ensure Ghana sails through its restructuring exercise successfully.

“We have to learn to work together. We have to progressively build a strong trust between France, China and the G20 and Paris Club members.”