Finance Minister Dr. Cassiel Ato Forson has declared that Ghana has finalized its 11th bilateral debt restructuring agreement, this time with the Export-Import Bank of India, representing another advancement in the nation’s efforts to achieve debt sustainability.
In a post on Facebook, Dr. Forson noted that this latest agreement is part of ongoing initiatives aimed at stabilizing the economy and alleviating Ghana’s debt burden in light of recent financial difficulties.
“I have recently signed Ghana’s 11th bilateral debt restructuring agreement, this time with EXIM India,” he stated.
The Finance Minister conveyed optimism regarding the country’s economic prospects, highlighting that key indicators suggest Ghana is slowly overcoming its debt challenges.
“We are making steady progress towards a low risk of debt distress, with clear signs that the worst is behind us,” he remarked.
He reiterated the government’s dedication to fulfilling its obligations under the restructuring program and maintaining fiscal discipline in the future.
“Our commitment is unwavering: to honor all restructured obligations punctually and to prioritize debt sustainability in every financing decision moving forward,” he asserted.
Dr. Forson emphasized that the government is resolute in avoiding a return to excessive borrowing, which has contributed to the recent economic pressures faced by the country.
“Ghana will not revert to a trajectory of unsustainable borrowing,” he stressed.
As part of broader reforms, the Finance Minister disclosed plans to implement a new Loans Act designed to enhance the management and utilization of borrowed funds.
“As part of this reset, the government will introduce a new Loans Act to clearly define the use of borrowed funds, ensuring that every loan is associated with high-impact, value-for-money investments,” he elaborated.
He further noted that the government’s borrowing strategy will focus on achieving tangible outcomes that directly benefit the citizens.
“Our fundamental principle is straightforward: anything we acquire must be valuable and must provide concrete advantages to the citizens of Ghana,” stated Dr. Forson.
The arrangement with EXIM India is anticipated to enhance Ghana’s debt restructuring initiative as officials strive to reestablish macroeconomic stability and regain investor trust.
