As part of moves to restructure the country’s debt with the External Creditor Committee, Ghana has formally signed a bilateral debt restructuring agreement with the UK with the hope to unlock funding to finance “The Big Push”, and other government programmes.

Minister of Finance, Dr. Cassiel Ato Forson signed the deal with the UK Export Finance, and His Majesty’s Trade Commissioner to Africa, John Humphrey in Accra as part of an official visit to Ghana.

Dr. Forson said having the UK on board will send a strong signal to other members of the committee to also quickly sign the official agreement.  

The agreement will see the resumption of five key projects identified as priorities by government with infrastructure investment of about 2.8 billion cedis for Ghana.

The debt agreement will reduce financing pressures on the government to focus on some initiatives in the 2025 National Budget and economic programmes.

Dr. Forson explained that the development will restore the country to debt sustainability.

“Today we’re going to sign the third of the many bilateral agreements as we signed the first one with France and the second with the Exim Bank of China.

Today we’re signing with the UK and as you all know, our relationship with the UK goes many years ago so signing with the UK concludes more or less our journey of recovery knowing that the UK is with us.

We taking steps to restructure debt in excess of 256 million dollars and this will unlock five major projects namely; the Bolgatanga Road, Obetsebi Lamptey Interchange phase 2, Kejetia Market phase 2, Tema Aflao road project and the Komfo Anokye Teaching Hospital Maternity project in Kumasi. We believe that after the signing, the projects will begin” he noted.

On his part, His Majesty's Trade Commissioner to Africa, John Humphrey, assured that the UK will continue to be behind Ghana's development through its recently launched 24hour Economy Policy and other key policies by the new government.