The completion of a bilateral debt restructuring agreement worth about US$256 million between Ghana and the United Kingdom is yet another daring step in Ghana’s economic recovery and resettlement path.
Following similar agreements with France and the Export-Import Bank of China, Ghana has now signed its third bilateral agreement under the G20 Common Framework, this one being signed in Accra by His Majesty’s Trade Commissioner for Africa, Mr. John Humphrey, and the Honourable Minister of Finance, Dr. Cassiel Ato Forson.
The agreement permits UK Export Finance (UKEF) to resume funding for five revolutionary infrastructure projects in addition to restructuring:
• Bolgatanga–Bawku–Pulimakom Road Project
• Modernisation of the Komfo Anokye Teaching Hospital (KATH)
• Obetsebi Lamptey Interchange and Ancillary Works Project Phase II
• Construction of Phase 1 of the Tema–Aflao Road Project
• Redevelopment and Modernisation of Kumasi Central Market
Dr Forson stated that the country hopes to never experience debt difficulty again and characterised the signing as both a relief and a call to action.
He reiterated Ghana’s commitment to restoring debt sustainability and accelerating growth, and he commended the hard work of the Ministry of Finance staff for helping him reach this breakthrough.
Mr John Humphrey, for his part, praised the agreement as a turning point in UK-Ghana ties and emphasised that it goes beyond a simple financial arrangement.
According to him, the partnership is paving the way for major infrastructure development in Ghana, demonstrating that programs like the Big Push and the 24-Hour Economy are genuine pledges supported by global cooperation rather than just catchphrases.
H.E. Christian Rogg, the UK High Commissioner to Ghana, and Mr Patrick Nomo, the Chief Director of the Ministry of Finance, were also in attendance at the occasion.
Source: newsthemegh.com