• Ghana secures debt restructuring deal with India’s Exim Bank
• Agreement marks 11th deal, supports recovery and fiscal stability
• Government to tighten borrowing rules, prioritise debt sustainability

Ghana has reached a bilateral debt restructuring agreement with the Export-Import Bank of India, Finance Minister Cassiel Ato Forson said on Monday. The deal, the 11th of its kind, is a milestone in the country's debt restructuring efforts.

Forson said progress on the restructuring, along with improvements in key macroeconomic indicators, is bringing Ghana closer to a lower risk of debt distress and supporting its economic recovery.

Beyond providing immediate fiscal relief, the restructuring is also intended to reshape the country's borrowing strategy. The government plans to place debt sustainability at the centre of its financing decisions to avoid a return to excessive debt levels.

"Our commitment is firm: to honour all restructured obligations on time and to keep debt sustainability at the core of every financing decision going forward," Forson said.

Rajesh Kumar Gulla, resident representative of the Export-Import Bank of India, praised Ghana's efforts and reaffirmed the institution's support for measures to stabilise the economy.

The announcement comes weeks after Ghana signed a similar agreement with Belgium. In February, Accra said it had paid nearly $910 million in interest under its Domestic Debt Exchange Programme, a move the government said would help boost investor confidence and stabilise the financial sector.

Ghana has been implementing reforms under an International Monetary Fund programme since 2023 to restore macroeconomic stability and ensure debt sustainability. The reforms followed a partial sovereign default in 2022 after a sharp deterioration in public finances.

In the same announcement, Forson said the government would soon adopt a new law governing public borrowing. The legislation is expected to impose stricter rules on the use of borrowed funds, linking new loans to high-impact investments with better cost-effectiveness.

Charlène N’dimon