France became the first Paris Club nation to approve debt forgiveness for Ghana through a bilateral agreement signed Friday, July 25. This landmark deal represents a significant milestone in Ghana's external debt restructuring efforts. The West African country seeks economic recovery following debt challenges worsened by the pandemic. Finance Minister Dr. Cassiel Ato Forson announced the breakthrough during Parliament's 2025 Mid-Year Budget Review presentation. The agreement establishes a model for other creditor nations to follow.
Parliament previously ratified the Official Creditor Committee's proposed restructuring terms that enabled this arrangement. Dr. Forson emphasized the government's commitment to restoring debt sustainability and financial stability through comprehensive reforms. The minister urged remaining Paris Club members to honor previously agreed indicative terms. Officials expect the French agreement will encourage faster engagement with other creditors. Ghana continues pursuing bilateral and commercial debt restructuring under the G20 Common Framework to rebuild economic resilience.
Parliament previously ratified the Official Creditor Committee's proposed restructuring terms that enabled this arrangement. Dr. Forson emphasized the government's commitment to restoring debt sustainability and financial stability through comprehensive reforms. The minister urged remaining Paris Club members to honor previously agreed indicative terms. Officials expect the French agreement will encourage faster engagement with other creditors. Ghana continues pursuing bilateral and commercial debt restructuring under the G20 Common Framework to rebuild economic resilience.
