Ghana And Spain Strengthen Economic Ties With New Debt Agreement

The Government of Ghana has taken another significant step in its debt restructuring process, as the Minister for Finance, Dr. Cassiel Ato Forson, on behalf of the Republic of Ghana, has signed a Bilateral Debt Restructuring Agreement with the Kingdom of Spain.

The signing ceremony, held in Accra, marks a crucial milestone in Ghana’s efforts to secure sustainable debt treatment under the ongoing International Monetary Fund (IMF)-supported programme. Representing the Kingdom of Spain was the Spanish Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo, who reaffirmed his government’s commitment to supporting Ghana’s economic recovery and long-term development agenda.

Speaking at the ceremony, Dr. Ato Forson expressed appreciation to the Spanish government for its continued partnership and understanding during Ghana’s debt restructuring journey. He emphasized that the agreement symbolizes not only financial cooperation but also the strengthening of diplomatic and economic relations between the two nations.

“This agreement reflects the mutual trust and cooperation that Ghana and Spain have shared over the years. It will go a long way to support Ghana’s fiscal consolidation efforts and ensure that our economic recovery is both inclusive and sustainable,” Dr. Forson said.

Ambassador Lossada Torres-Quevedo also commended Ghana for its transparent and collaborative approach to debt restructuring and reaffirmed Spain’s commitment to deepening bilateral relations.

“Spain values its partnership with Ghana and remains committed to supporting the government’s efforts toward economic stabilization and growth. This agreement reinforces our shared vision for sustainable development and stronger cooperation,” he stated.

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The bilateral debt restructuring agreement with Spain follows similar engagements Ghana has undertaken with other members of the Paris Club, as the country works to restore debt sustainability and rebuild investor confidence.

Ghana’s debt restructuring program, a key pillar of the IMF-supported initiative, seeks to reduce the country’s debt burden while creating fiscal space for growth-enhancing investments in infrastructure, health, and education.

The government believes that partnerships like this one with Spain will help accelerate the implementation of reforms and contribute to achieving long-term macroeconomic stability.