Finance Minister Dr. Cassiel Ato Forson has announced that Ghana has signed its 11th bilateral debt restructuring agreement, this time with Export-Import Bank of India, marking another step in the country’s efforts to restore debt sustainability.
In a Facebook post, Dr. Forson indicated that the latest agreement forms part of ongoing measures to stabilise the economy and reduce Ghana’s debt burden following recent financial challenges.
“I recently signed Ghana’s 11th bilateral debt restructuring agreement, this time with EXIM India,” he said.
The Finance Minister expressed optimism about the country’s economic outlook, noting that key indicators suggest Ghana is gradually emerging from its debt difficulties.
“We are moving steadily towards a low risk of debt distress, with clear indicators that the worst is behind us,” he stated.
He reaffirmed the government’s commitment to meeting its obligations under the restructuring programme and maintaining fiscal discipline going forward.
“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,” he said.
Dr Forson stressed that the government is determined to avoid a return to excessive borrowing, which contributed to the country’s recent economic strain.
“Ghana will not return to a path of unsustainable borrowing,” he emphasised.
As part of broader reforms, the Finance Minister revealed plans to introduce a new Loans Act aimed at tightening the management and utilisation of borrowed funds.
“As part of this reset, the government will introduce a new Loans Act to strictly define the use of borrowed funds, ensuring that every loan is tied to high-impact, value-for-money investments,” he explained.
He added that the government’s borrowing strategy will prioritise tangible outcomes that directly benefit citizens.
“Our guiding principle is simple: whatever we borrow must be worth it and must deliver tangible benefits to the Ghanaian people,” Dr Forson said.
The agreement with EXIM India is expected to further strengthen Ghana’s debt restructuring programme as authorities work to restore macroeconomic stability and rebuild investor confidence.