Ghana has signed a Bilateral Debt Restructuring Agreement with the Kingdom of Spain, marking yet another milestone in the country’s ongoing debt restructuring efforts. The agreement was signed on behalf of the Republic of Ghana by the Minister for Finance, Dr. Cassiel Ato Forson, while Spain was represented by its Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo.
This latest agreement adds to the growing list of successful bilateral deals concluded by Ghana with its international partners, including France, Finland, the United Kingdom, and the China EXIM Bank. Spain thus becomes the fifth nation to reach a restructuring agreement with Ghana under the ongoing debt sustainability programme.
Speaking after the signing ceremony, Dr. Forson described the deal as an important step forward in Ghana’s journey to restore macroeconomic stability and rebuild confidence in the economy. He expressed optimism that the remaining negotiations with other creditor countries would be concluded before the end of the year.
“It is our expectation that by the close of this year, we will complete the process and close this challenging chapter in our economic management history,” Dr. Forson stated.
He noted that the experience has provided Ghana with valuable lessons on the need for prudent fiscal management and sustainable debt practices. “As a country, we have learnt valuable lessons from this experience. We are determined to maintain sound fiscal discipline and never again allow ourselves to reach such unsustainable levels of debt,” he said.
The Finance Minister reaffirmed government’s commitment to implementing policies and reforms that will safeguard Ghana’s economic recovery and strengthen its resilience. He also extended the government’s appreciation to the Kingdom of Spain for its cooperation, understanding, and unwavering support throughout the restructuring process.
On behalf of the Government and people of Ghana, Dr. Forson thanked Spain for standing by Ghana in its efforts to restore economic stability and growth.
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