France has become Ghana’s first bilateral creditor to formalize a debt restructuring agreement under the G20 Common Framework, advancing the nation’s recovery from its 2022 default.
The deal implements June 2024 terms agreed with the Official Creditor Committee (OCC), co-chaired by France and China, and aims to accelerate relief from other lenders while unlocking further IMF disbursements under Ghana’s $3 billion program.
Finance Minister Dr. Cassiel Ato Forson hailed the pact as a “critical milestone,” noting it followed two years of negotiations after Ghana suspended external debt repayments.
Terms include full suspension of debt service to France during the IMF program, reduced interest rates, and extended maturities. French officials confirmed the provisions aim to bolster Ghana’s leverage for securing private creditor relief.
Paris Club Secretary-General William Roos acknowledged Ghana’s “professional” handling of complex talks involving multilateral, commercial, and bilateral creditors (including non-Paris Club members like China).
The deal covers 95% of eligible bilateral debt, though Roos urged reforms to speed up future Common Framework processes.
French Ambassador Jules-Armand Aniambossou cited President Macron’s personal backing, emphasizing Ghana’s strategic role in West African stability.
Forson highlighted macroeconomic progress: inflation dropping to 13.7%, reserves covering 4.8 months of imports, and a 1.1% primary surplus. The agreement is expected to free fiscal space for health, education, and infrastructure investments.
