As part of Ghana’s ongoing external debt restructuring program, a bilateral agreement formalizing debt relief has been signed by France and Ghana. This represents a significant turning point in Ghana’s efforts to recover its economy.
Following Ghana’s descent into unsustainable debt levels following the COVID-19 pandemic, the agreement, which was signed on July 25, makes France the first member of the Paris Club to formally commit to debt relief for the country.
Dr. Finance Minister was present at the signing ceremony. Cassiel Ato Forson thanked the French government for its assistance and urged other Paris Club members to emulate France’s recent economic progress.
“Today is a milestone, a milestone in the sense that it has taken us some time to get here. But it is the most significant one. The most significant one, which will pave the way for others to also emulate the steps taken by France in signing this bilateral agreement”, he said.
“We expect to complete the process as soon as possible so that Ghana will breathe again.” he added.
On Thursday, July 25, 2025, at the Mid-Year Budget Review presentation in Parliament, Dr. According to Forson, the agreement was made after the Official Creditor Committee (OCC)’s indicative terms were approved by Parliament.
Jules Armand Aniambossou, the French Ambassador to Ghana, and William Roos, the Co-Chair of the Official Creditors Committee and Secretary-General of the Paris Club, attended the event as guests of honor. The Official Creditors Committee, the French government, and the Ghanaian Ministry of Finance were also in attendance.
Dr. Ato Forson expressed optimism that Ghana’s recent economic progress would be recognised by other members of the Paris Club framework, expediting the country’s external debt restructuring process.
“We have gone through turbulent signs but we can see that hope is in sight. We can see that the economy is recovering from economic crises. Inflation which was at 54% is now 13.7% and we expect it to be better,” he said.
Ambassador Aniambossou described France’s support as a reflection of the strong ties between both countries. He noted that Ghana’s role in its own economic recovery warranted decisive action.
William Roos also called for deeper collaboration among creditors to ensure the success of Ghana’s debt restructuring.
“We have to learn to work together. We have to progressively build a strong trust between France, China and the G20 and Paris Club members,” he said.
Source: myghanadaily
