Ghana and France have signed a bilateral agreement formalizing debt relief as part of Ghana’s ongoing external debt restructuring programme, marking a significant milestone in the country’s economic recovery efforts.
The agreement, signed on Friday, July 25, makes France the first member of the Paris Club to formally commit to debt relief for Ghana, following the country’s slide into unsustainable debt levels in the aftermath of the COVID-19 pandemic.
At the signing ceremony, Finance Minister Dr. Cassiel Ato Forson expressed gratitude to the French government for its support and urged other Paris Club members to take note of Ghana’s recent economic progress and follow France’s example.
Today is a milestone, a milestone in the sense that it has taken us some time to get here. But it is the most significant one. The most significant one, which will pave the way for others to also emulate the steps taken by France in signing this bilateral agreement”, he said.
“We expect to complete the process as soon as possible so that Ghana will breathe again.” he added.
During the presentation of the 2025 Mid-Year Budget Review in Parliament on Thursday 25 July, 2025, Dr. Forson noted that the agreement follows parliamentary approval of the indicative terms outlined by the Official Creditor Committee (OCC).
The ceremony was graced by the French Ambassador to Ghana, Jules Armand Aniambossou, and the Co-Chair of the Official Creditors Committee and Secretary-General of the Paris Club, William Roos. Also present were officials from Ghana’s Ministry of Finance, the French government, and the Official Creditors Committee.
Dr. Ato Forson expressed optimism that Ghana’s recent economic progress would be recognised by other members of the Paris Club framework, expediting the country’s external debt restructuring process.
We have gone through turbulent signs but we can see that hope is in sight. We can see that the economy is recovering from economic crises. Inflation which was at 54% is now 13.7% and we expect it to be better,” he said.
Ambassador Aniambossou described France’s support as a reflection of the strong ties between both countries. He noted that Ghana’s role in its own economic recovery warranted decisive action.
This decision was taken not recognise the relationship between the two countries. When your friend or family is facing difficulties, you have to show that you are there for them and take some key actions. This day is also crucial because it enables Ghana to continue its financial recovery,” he noted.
William Roos also called for deeper collaboration among creditors to ensure the success of Ghana’s debt restructuring.
“We have to learn to work together. We have to progressively build a strong trust between France, China and the G20 and Paris Club members,” he said.
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