The Finance Minister, Dr Cassiel Ato Forson, has provided an update on the government’s ongoing debt restructuring efforts, signaling substantial progress towards achieving debt sustainability and economic stability.

Delivering the much-anticipated 2025 budget statement in Parliament on Tuesday, March 11, Dr Forson emphasised that a significant reduction in the country’s debt-to-GDP ratio was largely attributed to the 37% haircut on both principal and interest payments offered to Eurobond holders.

"It is instructive to note that the debt-to-GDP reduction has been a result of the 37% head cut on principal and interest that were given to Eurobond holders," Dr Forson remarked.

He further highlighted government’s progress in executing its debt restructuring program, which was launched last year as part of efforts to stabilise the economy.

As of now, Dr Forson confirmed that the restructuring process is nearing completion, with approximately 93% of the total debt restructured.

The remaining 7%, valued at $2.7 billion, is tied to commercial creditors. The Finance Minister reassured the public that the government remains fully committed to finalising the restructuring process in a timely manner.

"As of now, the restructuring process is approximately 93% completed, the remaining 7% relates to debt of $2.7 billion going to commercial creditors," he stated.

"We are committed to completing the remaining debt restructuring program as soon as possible," Dr Forson declared.