Finance Minister Cassiel Ato Forson has announced that Ghana has signed its 11th bilateral debt restructuring agreement, this time with India’s Export-Import Bank, as part of efforts to restore debt sustainability.
In a Facebook post on Monday, March 30, Dr. Forson said the agreement marks steady progress in the country’s ongoing debt restructuring programme, noting that Ghana is gradually moving out of high debt risk.
“We are moving steadily towards a low risk of debt distress, with clear indicators that the worst is behind us,” he stated.
The Finance Minister emphasized government’s commitment to meeting its restructured debt obligations, assuring that future borrowing decisions will be guided by sustainability.
“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 also ruled out a return to excessive borrowing, stressing that the government is determined to avoid past fiscal challenges.
“Ghana will not return to a path of unsustainable borrowing,” he noted.
As part of broader reforms, he revealed plans to introduce a new Loans Act to regulate how borrowed funds are utilised, ensuring they are directed towards impactful and value-for-money projects.
“Whatever we borrow must be worth it and must deliver tangible benefits to the Ghanaian people,” he added.
The latest agreement with EXIM India is part of Ghana’s wider efforts to restructure its external debt and stabilise the economy following recent fiscal pressures.
