Ghana has secured its first bilateral debt restructuring agreement with France under the Paris Club framework, marking a critical step in addressing post-COVID unsustainable debt.
The deal was formalized in Accra by Finance Minister Dr. Cassiel Ato Forson, French Ambassador Jules Armand Aniambossou, and Paris Club Secretary General William Roos.
Dr. Forson described the accord as a “milestone” that paves the way for other creditors to follow. “This is the most significant [agreement] yet,” he stated, urging swift conclusions with remaining bilateral lenders to help “Ghana breathe again.” The signing coincided with Ghana’s improved macroeconomic outlook, including a decline in inflation from 54% to 13.7%.
Ambassador Aniambossou framed France’s relief as a reflection of strong bilateral ties: “When your friend faces difficulties, you show you are there.” Roos emphasized collaborative urgency, calling for “strong trust between France, China, and G20 members” to ensure Ghana’s exit from debt distress.
The agreement is expected to accelerate approvals from other creditors, unlocking financing assurances vital to Ghana’s economic stability.
