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ACCRA | Xinhua | Ghana and Britain have signed an agreement to restructure debts equivalent to 256 million U.S. dollars, extending the maturity date of Accra’s bilateral debts to London by 15 years.
The agreement was signed Wednesday by British Trade Commissioner for Africa John Humphrey and Ghanaian Finance Minister Cassiel Ato Forson.
“By restructuring this debt in partnership with the Paris Club and G20, we are creating the fiscal space Ghana needs to deliver on its bold vision for the future,” Humphrey said.
Forson, for his part, listed a number of road infrastructure projects that British assistance would be invested in to improve Ghana’s road networks, create jobs, and boost economic activities across the country.
“The government of Ghana will take steps to ensure that we do what we have to do from our side, so that together we can begin the disbursement of these facilities so these projects can begin in earnest,” he said.
According to Forson, Ghana is experiencing some significant economic recovery after the recent downturn that compelled Ghana to seek help from the International Monetary Fund, noting that the agreement with Britain would send a signal to the rest of Ghana’s bilateral partners.
Under the agreement with the Paris Club and the G20 nations, each bilateral partner is to sign a country-level agreement with Ghana on debt restructuring as part of Ghana’s debt rationalization. ■
