Ghana secures debt relief agreement with France
Ghana has taken a major step forward in its quest for economic recovery after signing a landmark
bilateral agreement with France to formalize debt relief under the country’s ongoing external debt
restructuring programme.
The agreement, signed on Friday, July 25, positions France as the first Paris Club member to formally
endorse debt forgiveness for Ghana—setting a precedent for other creditor nations to follow. The deal forms
part of efforts to resolve the West African nation’s mounting debt crisis, which was worsened by the COVID19 pandemic and its aftermath.
At the signing ceremony, Finance Minister Dr. Cassiel Ato Forson hailed France’s commitment, describing it
as a strong vote of confidence in Ghana’s recovery plan. He called on other members of the Paris Club to
emulate France’s leadership by honouring the indicative terms earlier agreed upon by the Official Creditor
Committee (OCC).
Dr. Forson formally announced the breakthrough during his presentation of the 2025 Mid-Year Budget
Review in Parliament. He indicated that the agreement followed Parliament’s ratification of the OCC’s
proposed debt restructuring parameters.
“This deal demonstrates our determination to follow through on our pledge to restore debt sustainability and
financial stability,” Dr. Forson told Parliament.
He reaffirmed government’s resolve to complete its bilateral and commercial debt restructuring under the
G20 Common Framework, which he described as essential to rebuilding economic resilience and securing
long-term growth.
The debt relief from France is a cornerstone of Ghana’s broader economic reform agenda, which also
includes fiscal consolidation, improved revenue mobilisation, and targeted investments in critical sectors.
Officials believe the deal will help restore investor confidence, ease debt-servicing pressures, and create the
fiscal space needed to invest in social and infrastructural development.
The government is hopeful that France’s leadership will accelerate engagement with other creditors, ensuring
a comprehensive and coordinated resolution to Ghana’s debt overhang.
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