Ghana and France have signed a bilateral agreement formalising debt relief as part of Ghana’s ongoing external debt restructuring programme, marking a significant milestone in the country’s economic recovery efforts.
The agreement, signed on Friday, July 25, makes France the first member of the Paris Club to formally commit to debt relief for Ghana, following the country’s slide into unsustainable debt levels in the aftermath of the COVID-19 pandemic.
At the signing ceremony, Finance Minister Dr. Cassiel Ato Forson expressed gratitude to the French government for its support and urged other Paris Club members to take note of Ghana’s recent economic progress and follow France’s example.
Announcing the development during the presentation of the 2025 Mid-Year Budget Review in Parliament, Dr. Forson noted that the agreement follows parliamentary approval of the indicative terms outlined by the Official Creditor Committee (OCC).
He reaffirmed the government’s commitment to restructuring both bilateral and commercial debts under the G20 Common Framework, describing the process as critical to Ghana’s long-term financial stability.
The debt relief agreement is a key component of Ghana’s broader economic recovery agenda, which aims to restore debt sustainability, rebuild investor confidence, and lay the foundation for inclusive growth.
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