Ghana and Germany have officially signed their sixth bilateral debt agreement, further strengthening the financial and economic ties between the two nations.
The agreement was signed during a formal ceremony attended by officials from both countries, highlighting the ongoing partnership in development financing.
The arrangement also underscores Germany’s commitment to promoting sustainable development and economic stability in Ghana.
The Minister of Finance, Dr Cassiel Ato Forson, who signed the bilateral debt agreement with Germany in Accra, described the pact as a significant milestone in Ghana’s journey toward economic recovery.
Dr Forson noted that the agreement would reinforce fiscal stability and provide a solid foundation for long-term economic growth.
He also expressed gratitude to the government and people of Germany for their continued support and confidence in Ghana’s future, emphasising that the deal reflects the strong cooperation between the two nations.
German Ambassador to Ghana, Frederik Landshöft, who signed on behalf of his country, congratulated Dr Forson and praised Ghana’s progress in stabilising its economy. He reaffirmed Germany’s commitment to deepening bilateral and economic cooperation with Ghana.
Following the successful restructuring of domestic debt, which achieved an approximately 85 percent outturn, Ghana turned its attention to external creditors, including both bilateral and commercial lenders.
On December 19, 2022, the government announced a temporary suspension of external commercial obligations to facilitate the renegotiation of domestic, external, and bilateral debts.
After forming the Paris Club Creditor Committee, with the support of China, Ghana began negotiating with bilateral creditors to restructure approximately $5.4 billion in debt.
Last month, the country signed a similar Bilateral Debt Restructuring Agreement with Spain, marking the fifth such agreement under its official creditor framework.
Previous agreements had been concluded with China Exim Bank, France, Finland, and the United Kingdom. These efforts form part of Ghana’s broader strategy to restore debt sustainability and strengthen the foundations for long-term economic recovery.
