Ghana’s Finance Minister Cassiel Ato Forson has confirmed the signing of a bilateral debt restructuring agreement with Spain, describing it as another key step in the country’s drive to stabilise its finances and strengthen investor confidence.
Announcing the deal in a post on X (formerly Twitter), Forson said he signed on behalf of Ghana, while Spain’s Ambassador to Ghana, Ángel Lossada Torres-Quevedo, represented Madrid. He noted that the agreement reflects the strong partnership between the two nations and Spain’s confidence in Ghana’s economic recovery agenda.
Forson hailed the deal as ‘another important milestone in Ghana’s debt restructuring journey’, adding that it underscores the government’s resolve to complete the restructuring process and rebuild a sustainable economy.
Five bilateral deals concluded
The agreement with Spain brings to five the number of bilateral debt restructuring deals Ghana has reached — following earlier agreements with France, Finland, the UK, and China EXIM Bank.
‘It is our expectation that by the end of this year, we will complete the process and close this challenging chapter in our economic management history,’ Forson said.
These agreements are part of Ghana’s broader IMF-supported recovery programme, which aims to restore macroeconomic stability, strengthen public finances, and reduce debt vulnerabilities after years of fiscal strain.
Fiscal discipline to guide recovery
Reflecting on the lessons from Ghana’s recent debt crisis, Forson said the government was determined never to return to unsustainable debt levels.
‘We are determined to maintain sound fiscal discipline and never again allow ourselves to reach such unsustainable levels of debt,’ he wrote. ‘I remain confident that the measures we are implementing will safeguard our recovery and strengthen Ghana’s resilience.’
He added that Ghana’s ongoing fiscal and structural reforms are designed to consolidate the country’s recovery, attract investment, and sustain growth.
Spain praised for cooperation
Forson also thanked Spain for its understanding and support during the debt negotiations.
‘On behalf of the Government and people of Ghana, I express deep appreciation to Spain for their cooperation, understanding, and unwavering support throughout this process,’ he said.
The agreement with Spain, he added, demonstrates the confidence of international partners in Ghana’s reform path and represents a crucial step toward closing the debt restructuring chapter this year.
