Ghana, Spain Sign Bilateral Debt Restructuring Agreement

Ghana has signed a Bilateral Debt Restructuring Agreement with the Kingdom of Spain, marking another significant milestone in the country’s ongoing debt restructuring programme.

The announcement was made by the Minister for Finance, Dr. Cassiel Ato Forson, in a post on his official X (formerly Twitter) page, where he described the signing as “another important step” in Ghana’s journey toward economic stability.

Under the agreement, the Republic of Ghana was represented by Dr. Forson, while Spain was represented by its Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo.

This latest accord brings to five the number of bilateral debt restructuring agreements Ghana has successfully concluded — following earlier deals with France, Finland, the United Kingdom, and China EXIM Bank.

Dr. Forson expressed optimism that the process would be completed by the end of the year, marking the end of what he described as a “challenging chapter” in the nation’s economic management.

“It is our expectation that by the end of this year, we will complete the process and close this challenging chapter in our economic management history,” he stated.

The Finance Minister noted that Ghana has drawn valuable lessons from its debt crisis and remains determined to maintain fiscal discipline to prevent a recurrence of unsustainable borrowing.

“We are determined to maintain sound fiscal discipline and never again allow ourselves to reach such unsustainable levels of debt,” he added.

Dr. Forson reaffirmed the government’s confidence in the ongoing economic reforms, which he said would safeguard Ghana’s recovery and strengthen its financial resilience.

He also expressed appreciation to Spain for its cooperation, understanding, and unwavering support throughout the debt restructuring process.

“On behalf of the Government and people of Ghana, I express deep appreciation to Spain for their cooperation, understanding, and unwavering support,” he said.

The bilateral agreements form part of Ghana’s broader G20 Common Framework initiative aimed at restoring macroeconomic stability and unlocking concessional financing for growth and development.