Ghana has signed a bilateral debt agreement with Germany, marking the sixth such agreement under the country’s ongoing debt restructuring programme.
The Minister of Finance, Dr Cassiel Ato Forson, who signed the agreement on behalf of the government in Accra yesterday, described the pact as a significant milestone in Ghana’s economic recovery journey.
He added that it would help to strengthen the foundations of fiscal stability and anchor long-term economic progress.
Dr Forson expressed appreciation to the government and the people of Germany for their continued partnership and confidence in Ghana’s future, adding that the agreement reflected the strong cooperation between the two countries.
The German Ambassador to Ghana, Frederik Landshöft, who signed on behalf of his country, congratulated Dr Forson and commended the government for the progress made in stabilising the economy.
He reaffirmed Germany’s commitment to deepening its bilateral and economic cooperation with Ghana.
Having completed the restructuring of domestic debt, which achieved about 85 per cent outturn, the government turned to external creditors, including both bilateral and commercial creditors.
On December 19, 2022, the government announced the suspension of external commercial obligations to enable it to renegotiate its domestic, external and bilateral debts.
Following the formation of the Creditor Committee of the Paris Club, backed by China, the government began debt restructuring negotiations with its bilateral creditors in a bid to restructure debts of about $5.4 billion.
Last month, the government signed a Bilateral Debt Restructuring Agreement with Spain, the fifth such agreement concluded under the country’s official creditor framework.
Earlier, bilateral agreements had been concluded with China Exim Bank, France, Finland and the United Kingdom.
The signing of the restructured loan agreements forms part of Ghana’s ongoing efforts to restore debt sustainability and strengthen the foundations for economic recovery.
Source: graphic.com.gh
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