• Ghana sealed a $256 million bilateral debt restructuring deal with the UK

• The agreement unlocks five major infrastructure projects, including key roads

• Debt ratio fell to 44.9% of GDP in July 2025, down from 61.8% in December 2024

The Ghanaian Ministry of Finance announced this week the country has signed a bilateral debt restructuring deal with the United Kingdom covering about $256 million. This marks the third such deal concluded by Accra under the G20 Common Framework, following agreements with France and the Export-Import Bank of China.

Ghana and UK Sign Landmark Debt Restructuring Agreement, Paving Way for Major Infrastructure Projects

Ghana has taken another bold step in its economic recovery and resetting journey with the signing of a Bilateral Debt Restructuring Agreement with the United Kingdom, covering… pic.twitter.com/iz7QDkQbp4

— Ministry of Finance, Ghana (@MoF_Ghana) September 24, 2025

The agreement will also allow the launch of five infrastructure projects, including the Bolgatanga–Bawku–Pulimakom road, the Obetsebi Lamptey Interchange and related works (Phase II), and the construction of Phase I of the Tema–Aflao road.

Finance Minister Cassiel Ato Forson described the deal as both a “relief and a call to action,” stressing that Ghana hopes never to return to such a level of debt distress. He reaffirmed the government’s commitment to restoring debt sustainability and accelerating growth.

The announcement came after the Bank of Ghana reported a sharp decline in the debt-to-GDP ratio, which stood at 44.9% at the end of July 2025 compared to 61.8% in December 2024.

Since 2023, Ghana has implemented reforms backed by the International Monetary Fund (IMF) to restore macroeconomic stability and debt sustainability after defaulting on part of its external debt in 2022. In January 2025, the government reached an agreement with the Official Creditor Committee (OCC) on restructuring its external debt.

For 2025, the IMF projects Ghana’s debt at 66.4% of GDP, while Fitch Ratings estimated it at 60% in its last review in June.