Ghana has signed a bilateral debt restructuring agreement with the United States covering obligations owed to the Export-Import Bank of the United States (US EXIM Bank), in a move aimed at easing pressure on the country’s public finances and supporting ongoing economic recovery efforts.

The agreement forms part of Ghana’s broader debt restructuring program launched after the country defaulted on a large share of its external debt in 2022 amid a severe economic crisis marked by soaring inflation, currency depreciation and rising debt servicing costs.

Authorities in Accra say the deal is expected to provide financial relief while helping restore macroeconomic stability and investor confidence as the West African nation continues reforms under a support program backed by the International Monetary Fund (IMF).

The restructuring agreement with Washington comes as Ghana accelerates negotiations with bilateral and commercial creditors under the G20 Common Framework and related debt treatment mechanisms. The country has already reached similar agreements with several creditor nations in recent months.

Ghanaian officials have repeatedly said restructuring external obligations is essential to creating fiscal space for growth, stabilizing the economy and protecting critical social spending.

The country’s economy has shown gradual signs of recovery since the implementation of fiscal reforms and debt restructuring measures, although authorities continue to face challenges linked to inflation, unemployment and public debt sustainability.