Ghana, Spain Sign Bilateral Debt Restructuring Agreement

Ghana and Spain have signed a Bilateral Debt Restructuring Agreement following a consensus.

It was signed by the Ghana’s Minister for Finance, Dr Cassiel Ato Forson and the Ambassador of Spain to Ghana, H.E. Ángel Lossada Torres-Quevedo

This brings to five, the bilateral restructuring agreements reached so far including that of France, Finland, the United Kingdom, China EXIM Bank and now Spain.

In a statement the Finance Minister described the development as an “important milestone” in Ghana’s debt restructuring journey and expressed appreciation to Spain.

“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.”

“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.”

He asserted that the country had learnt valuable lessons from the experience and announced the government’s resolve to maintain sound fiscal discipline and never again allow ourselves to reach such unsustainable levels of debt.

He added, “I remain confident that the measures we are implementing will safeguard our recovery and strengthen Ghana’s resilience.”

Story by Hajara Fuseini

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