Ghana Signs Fifth Bilateral Debt Restructuring Agreement with Spain

 October 9, 2025 

Ghana has successfully concluded its fifth bilateral debt restructuring agreement, this time with the Kingdom of Spain, as part of the country's comprehensive strategy to restore debt sustainability and strengthen economic recovery.

The landmark agreement was signed by Finance Minister Dr. Cassiel Ato Forson on behalf of the Republic of Ghana, and Spanish Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo, representing the Kingdom of Spain.

The ceremony was witnessed by Health Minister Hon. Kwabena Mintah Akandoh and officials from the Ministries of Finance of both countries.

This agreement with Spain follows earlier bilateral debt restructuring deals concluded with:

• China Exim Bank
• France
• Finland
• United Kingdom

The agreements form part of Ghana's official creditor framework aimed at achieving long-term debt sustainability.

Speaking at the signing ceremony, Finance Minister Dr. Cassiel Ato Forson emphasized the government's determination to complete the remaining restructuring processes by the end of the year.

"We aim to conclude the remaining restructuring processes by the end of the year to put this difficult chapter behind the nation," Dr. Forson stated.

The Finance Minister reaffirmed the government's commitment to prudent fiscal and debt management, stressing that Ghana is determined to ensure long-term sustainability and avoid a recurrence of unsustainable debt levels.

He expressed gratitude to the Government and people of Spain for their cooperation and support throughout the restructuring process.

Spanish Ambassador H.E. Ángel Lossada Torres-Quevedo commended Ghana's efforts to stabilize the economy and expressed satisfaction with the progress of the debt restructuring program.

He described the agreement as marking the beginning of a new and stronger phase in Spain-Ghana economic relations, signaling enhanced bilateral cooperation moving forward.

The signing of this fifth bilateral agreement demonstrates Ghana's steady progress in addressing its debt challenges and rebuilding economic stability. The government's structured approach to engaging with bilateral creditors reflects a comprehensive strategy to restore fiscal health and create a foundation for sustainable economic growth.

With several more restructuring processes expected to be concluded before year-end, Ghana continues to work systematically toward resolving its debt obligations while maintaining crucial international partnerships.