Ghana has entered into a bilateral debt restructuring agreement valued at $256 million with the United Kingdom, as part of the Official Creditor Committee (OCC) arrangement.
The agreement was signed on behalf of Ghana by the Minister of Finance, Dr Cassiel Ato Baah Forson, yesterday, while Mr John Humphrey, the UK Trade Commissioner for Africa, signed on behalf of the UK.
This agreement will enable both nations to consider the resumption of five prioritised projects, which could unlock an additional £170 million in infrastructure investment.
The five projects include the 109 km Bolgatanga-Bawku-Pulmakom road project, the Obetsebi Lamptey Interchange Phase II project, the Kejetia Market Phase II project, the Komfo Anokye Teaching Hospital Maternity Unit project, and the Tema-Aflao road Phase I project.
Prior to the signing, Dr Forson said, “Today, we are taking steps to restructure debt exceeding 246 million dollars.”
He indicated that Ghana is demonstrating positive signs of economic recovery, highlighted by a decrease in the inflation rate and improvements in the country’s unemployment situation.
Dr Forson assured that the government would take the necessary measures to facilitate financial disbursement for the initiation of the five projects.
He also expressed gratitude to the UK government for its longstanding support to Ghana, particularly during the debt restructuring process with its official creditors.
“We are confident that the UK government will support us as the Government of Ghana undertakes the process of resetting our economy and addressing past mistakes to halt the economic decline,” he stated.
In his remarks, Mr Humphrey noted that by restructuring Ghana’s debt in collaboration with the Paris Club and G20, the country was creating the fiscal space necessary to realise its ambitious vision for the future, which includes the establishment of a 24-hour economy and the government’s Big Push initiative.
Additionally, he said that the signing of the agreement was a testament to the shared ambition between Ghana and the UK in transforming the economies of the two countries.
He thanked Dr Forson for putting in place measures to ensure the economic recovery of the country.
BY BENJAMIN ARCTON-TETTEY & ALBERTA BONSI
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