By Emmanuel Nduka Obisue
Ghana and the United Kingdom have signed a landmark bilateral agreement to restructure sovereign debts, paving the way for renewed infrastructure development and fiscal stability.
Heritage Times HT reports that the deal, which extends Ghana’s bilateral debt repayment to the UK by 15 years, forms part of the external debt restructuring programme launched in 2023.
It is also expected to unlock GH¢256 million for the resumption of five major projects — Bolgatanga Road, Obetsebi Lamptey Interchange (Phase II), Kejetia Market (Phase II), Komfo Anokye Teaching Hospital (KATH) Maternity Unit, and Tema-Aflao Road Project (Phase I).
Finance Minister, Dr Cassiel Forson, signed on behalf of Ghana, while His Majesty’s Trade Commissioner for Africa, John Humphrey, represented the UK Government. The ceremony was witnessed by the Chief Director of the Ministry of Finance, Dr Patrick Nomo, the UK High Commissioner to Ghana, Christian Rogg, and other officials.
Dr Forson assured that government would ensure swift disbursement of funds to kick-start work on the stalled projects.
“We are confident that the United Kingdom will stand by us as we reset our economy, correct past missteps, and halt further decline. While the signs of progress are encouraging, we recognise that more work lies ahead. These early gains mark only the beginning,” he said.
He stressed that although recovery was underway, the government was proceeding with caution to avoid repeating past challenges. “To this end, the government is putting in place legislation that will guarantee irreversibility and safeguard the nation’s progress,” he added.
Dr Patrick Nomo described the agreement as a milestone in Ghana–UK relations and a testament to shared commitment to economic stability and sustainable growth.
“Our collective presence here signifies the importance we attach to the collaboration and mutual support, especially in these challenging times,” he said.
For his part, John Humphrey said the debt restructuring signalled confidence and partnership between both nations.
“By restructuring this debt in collaboration with the Paris Club and the G20, we are creating the fiscal space Ghana needs to pursue its bold vision for the future, including the 24-Hour Economy and the Big Push initiatives. These are not mere slogans; they are transformative agendas designed to create jobs, foster innovation, and generate prosperity for millions of people. The UK is proud to stand with Ghana on this journey,” he stated.
He added that the UK’s Modern Industrial Strategy underscored its commitment to forward-looking economic collaboration with Ghana.
