Ghana Secures Debt Relief: Bilateral Debt Restructuring Agreement with Spain Signed
Ghana has signed a Bilateral Debt Restructuring Agreement with the Kingdom of Spain, marking another crucial step in the country’s ongoing debt restructuring process.
The agreement was signed on behalf of the Republic of Ghana by the Minister for Finance, Dr Cassiel Ato Forson, and on behalf of Spain by the Spanish Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo.
According to Dr Forson, the deal represents “another important milestone in Ghana’s debt restructuring journey.”
According to him, Ghana has so far concluded five bilateral restructuring agreements—with France, Finland, the United Kingdom, China EXIM Bank, and now Spain.
“It is our expectation that by the end of this year, we will complete the process and close this challenging chapter in our economic management history,” the Minister stated on his Facebook page.
Dr Forson, who also doubles as the Ajumako/Enyan/Esiam MP, noted that Ghana has gained valuable lessons from its debt challenges.
“We are determined to never again allow ourselves to reach such unsustainable levels of debt. I remain confident that the measures we are implementing will safeguard our recovery and strengthen Ghana’s resilience,” he added.
“On behalf of the Government and people of Ghana, I express deep appreciation to Spain for their cooperation, understanding, and unwavering support throughout this process,” Dr Forson said.
Ghana’s debt restructuring efforts form part of the International Monetary Fund (IMF)-supported Post-COVID-19 Programme for Economic Growth (PC-PEG), aimed at restoring macroeconomic stability and ensuring long-term debt sustainability. As part of this process, the government is renegotiating both official bilateral and commercial debts to create fiscal space for economic recovery and development.
The signing of the Spain agreement is expected to boost investor confidence and advance Ghana’s discussions with other bilateral creditors under the G20 Common Framework for Debt Treatment.
