The Government of Ghana has announced that it has submitted a list of twenty-four (24) projects it deems as priority to the Official Creditor Committee (OCC) and the International Monetary Fund (IMF).

Presenting the 2025 budget statement to Parliament on July 24, the Minister for Finance, Dr Cassiel Ato Forson, noted that the list submitted is expected to trigger resumption of disbursements for the projects upon the signing of the bilateral agreements between Ghana and creditor countries.

The sector minister noted that the aim is to ensure that all the priority projects are completed and commissioned by the end of 2028.

The list of the priority projects is below:

i. New Bridge Across the Volta River at Volivo

ii. Construction of the Tema-Aflao Road Project Phase 1;

iii. Tema Motorway Roundabout, through Ashaiman

Roundabout to Atimpoku;

iv. Construction of 14 Pedestrian Bridges;

v. Kumasi Roads and Drainage Extension;

vi. Paa Grant Interchange and Sekondi/Takoradi Township Roads—Phase 1;

vii. Rehabilitation of Dome-Kitase Road;

viii. Obetsebi Lamptey Interchange—Phase 2;

ix. Bolgatanga-Bawku-Pulimakom Road; x. PTC Roundabout Interchange Project at Takoradi;

xi. Construction of Drinking Water Facilities in Wenchi;

xii. Sekondi-Takoradi Water Supply; xiii. Modernization of Komfo-Anokye Teaching Hospital;

xiv. Construction of Central Medical Stores in Tema;

xv. Effia Nkwanta Regional Hospital in Takoradi;

xvi. Bolgatanga Regional Hospital;

xvii. Establishment of the University of Environment and Sustainable Development at Bunso;

xviii. Establishment of 9 state-of-the-art technical and vocational education training centers;

xix. Integrated E-Learning Laboratories in Senior High Schools;

xx. Expansion and Development of Existing Senior High Schools;

xxi. Renewable Energy Programme: Pilot Photovoltaic System;

xxii. Renewable Energy and Energy Efficiency Programme;

xxiii. Construction of the Takoradi Market; and

xxiv. Kumasi Central Market Phase 2.

The main criterion for the selection of these projects was closeness to completion, the sector minister said.

As a result, projects that were over 70% complete were given priority.

“The resumption of disbursements for the projects and its associated debt service are fully in line with our

commitments under the bilateral debt restructuring and the IMF Programme,” Dr Ato Forson said.

France, Ghana’s bilateral creditor, on Friday, July 25, signed an €87.7 million debt relief agreement with the West African country under the Official Creditor Committee (OCC).

France becomes Ghana’s first bilateral creditor to do so after two years of negotiations. Finance Minister Dr Cassiel Ato Forson and Co-Chair of the OCC, Mr William Ross, signed on behalf of the governments of Ghana and France, respectively.

This agreement ensures a hundred percent debt service, as well as a reduction in interest and an extension on maturity.

The Finance Minister expressed immense gratitude to France for standing as a true friend. “It is often said that it is only in difficult times that you see your true friends, and we can say without mincing words that the French Republic came through for Ghana and Ghana is extremely grateful,” Dr Cassiel Ato Forson said.

“Today is a milestone – in the sense that it has taken us some years to get here, but it’s the most significant one that will pave the way for others to this side. Inflation that was once at 54.1 per cent has now come down to 13.7 per cent. We are seeing growth bound to about a five-year high. We are seeing particularly reserves, the external position improving to about four months of import cover, and the primary surplus is at 1.1 per cent of Gross Domestic Product (GDP),” he added.

The sector minister assured that the government of Ghana is “determined to hold the line and sustain the progress we have made year to date, and we believe that in the coming days, Ghana will be able to see investment after the stability.”

Deputy Minister for Finance, Thomas Nyarko Ampem, asserted that the recent agreement is “telling a good story that Ghana is on track.”

On his part, Mr William Ross noted that the economic recovery being made by the government of Ghana is nothing short of impressive and compared the country’s economic performance to other countries such as Zambia.

“We have decided to reduce by 100 per cent as debt service, reduce interest and increase the maturity to give you space for investment, to also negotiate with other creditors and create a real partnership for other stakeholders to contribute to.

“If you look at what we have done for Ghana, it is shorter than what we did for Zambia, but we have continued to improve in the case of Ethiopia… you have been very impressive because you have many people and institutions to engage with,” Mr Ross said.

French Ambassador to Ghana, Mr Jules Armand Aniambossou, highlighted the many initiatives the government has put in place to rectify the many economic challenges it was saddled with. He noted that France holds in high esteem its historical relationship with the West African country. He said Ghana will continue to receive support from France to aid its economic recovery.

“When I came to this country more than two years ago, the country was facing some difficulties. But when your friend or your family is facing difficulties, you have to show that you will not just say, I am sorry, but to take some key actions.

“That is why the French government at the very high level, decided to do. Because we are here today due to the political volunteers from both sides. France decided not to let down Ghana because of our historical relationship and the key role Ghana is playing in our region [Africa],” he stated.

Last year, the government of Ghana reached an agreement on a Memorandum of Understanding (MoU) with its Official Creditor Committee in its debt restructuring efforts.

The OCC, co-chaired by France and China, was instrumental in reaching a debt treatment plan in January 2024.

This paved the way for the International Monetary Fund (IMF) Executive Board to approve the second review of the Fund-supported Post-COVID-19 programme for economic growth (PC-PEG).

The agreement has prevented the government of Ghana from securing more than $250 million in external financing for 2025, and this includes commercial loans, as part of a borrowing ceiling agreed upon.

This served as a structural benchmark to ensure compliance with fiscal discipline as part of the country’s IMF programme.

While presenting the 2025 mid-year budget review on July 24, Finance Minister Dr Cassiel Ato Forson noted that the government’s commitment to fiscal discipline, prudent debt management, and exchange rate appreciation has resulted in significant improvement in Ghana’s debt profile.

He revealed that the public debt reduced from GH¢726.7 billion as of the end of December 2024 to GH¢613 billion as of the end of June 2025. Ghana’s public debt reduced by GH¢113.7 billion in six months.

The sector minister noted that “for the first time in Ghana’s history, there is a negative 15.6% rate of debt accumulation.”

Ghana’s public debt-to-GDP ratio as of the end of June 2025 was 43.8%, down from 61.8% at the end of 2024. Ghana’s public debt as a percent of GDP reduced by 18% in six months. The country’s foreign debt, as a percentage of total public debt, declined from 57.4% as of the end of December 2024 to 49% by the end of June 2025.