Ghana has achieved a major breakthrough in its external debt restructuring efforts, securing its first bilateral debt relief deal with France under the Paris Club framework.
The agreement, signed on July 25, marks a critical step forward in the country’s financial recovery following the economic strain caused by the COVID-19 pandemic.
According to Citi Newsroom, the deal comes after Ghana’s Parliament approved the indicative terms set by the Official Creditor Committee (OCC).
France is the first member of the Paris Club to formalize its commitment to support Ghana’s restructuring initiative, setting a precedent for other creditors to follow.
Speaking at the signing ceremony, Ghana’s Finance Minister, Dr. Cassiel Ato Forson, referred to the deal as “the most significant milestone” in the country’s recovery path. He called on other Paris Club nations to emulate France’s move, emphasizing the urgency of completing the process:
“We expect to complete the process as soon as possible so that Ghana can breathe again,” Dr. Forson said.
The French Ambassador to Ghana, Jules Armand Aniambossou, reinforced France’s support, likening the relationship between the two countries to that of a family: “When your friend or family member is facing difficulties, you have to show that you are there for them and take some key actions.”
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Also present at the ceremony was Paris Club Secretary-General and OCC Co-Chair, William Roos, who advocated for deeper cooperation among global creditors.
“We have to progressively build a strong trust between France, China, the G20 and Paris Club members,” Roos said.
Speaking also, Dr. Forson, during his 2025 Mid-Year Budget Review in Parliament, noted Ghana’s economic progress, citing a drop in inflation from 54% to 13.7%.
He expressed optimism that the country’s positive economic indicators would prompt broader support from the international creditor community.
This agreement reflects a growing trend of bilateral and multilateral financial support as Ghana navigates a complex debt restructuring process.
Analysts view France’s early commitment as a potential catalyst for faster engagement from other Paris Club members and external creditors.
Image Credit: CitiNewsroom.com
