Faith Nyasuguta
Ghana has taken a major step toward restoring its financial stability by securing a debt relief agreement with France – the first Paris Club member to officially support the West African nation’s ongoing external debt restructuring programme.
Signed on Friday, July 25, the agreement is part of broader efforts to help Ghana recover from an economic crisis worsened by the COVID-19 pandemic, rising global inflation and high debt servicing costs. Ghana’s Finance Minister, Dr. Cassiel Ato Forson, described the deal as “the most significant milestone” in the country’s road to financial recovery.
“It has taken us some time to get here,” Dr. Forson said. “But this is the breakthrough that will pave the way for other creditors to follow. We expect to complete this process quickly so that Ghana can breathe again.”
The agreement follows Ghana’s Parliament approving the indicative terms proposed by the Official Creditor Committee (OCC), a group of creditor nations led by the Paris Club and co-chaired by France and China. This move signals strong confidence in Ghana’s economic recovery plan and marks an important precedent for future bilateral deals with other creditor nations.
The signing ceremony in Accra brought together top officials, including French Ambassador to Ghana Jules Armand Aniambossou, Paris Club Secretary-General and OCC Co-Chair William Roosand senior government representatives.
Ambassador Aniambossou emphasized France’s commitment to helping Ghana through difficult times. “When a friend or family member is facing hardship, you stand by them and take action,” he said. “That’s what France is doing today.”
William Roos echoed the sentiment, calling for stronger collaboration among global creditors. “We must gradually build trust – between France, China, the G20, and Paris Club members – so that debt solutions are timely and effective,” he said.
The deal comes at a time when Ghana is showing signs of economic recovery. Speaking both at the ceremony and in Parliament during the 2025 Mid-Year Budget Review, Dr. Forson noted that inflation had dropped sharply – from 54% to 13.7% – a sign that the government’s fiscal and monetary policies are beginning to bear fruit.
He expressed hope that the country’s progress would encourage other Paris Club nations to follow France’s lead. Ghana is counting on broader support to ease its debt burden and free up resources for vital public investments.
As the first of what the government hopes will be many bilateral deals, the Ghana-France agreement marks a turning point in Ghana’s journey toward economic revival and sustainable growth.
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