In a major gesture of international solidarity, the Italian government has converted nearly 70 per cent of its concessional loans to Ghana into grants, a move expected to significantly ease Ghana’s national debt and bolster its economic recovery.
The announcement was made by the Italian Ambassador to Ghana, Laura Ranalli, during a courtesy call on the presidency. She described the decision as a clear demonstration of Italy’s ongoing commitment to supporting Ghana’s long-term economic stability and growth.
“This is a sign of Italy’s enduring partnership with Ghana. About 69 per cent of concessional loans have now been turned into grants. This is our way of supporting Ghana’s stability and growth,” she said.
The debt conversion effectively slashes a large portion of Ghana’s financial obligations to Italy, freeing up crucial fiscal space that can be redirected toward development initiatives. Ambassador Ranalli acknowledged Ghana’s recent economic struggles and said Italy believes easing the debt load will offer the country a better chance at achieving sustainable development.
She also highlighted growing Italian investments in Ghana, particularly in the health and agro-industrial sectors. She cited a major Italian-owned company operating in the Volta Region that has committed over €77 million to healthcare and related initiatives.
Beyond economics, the Ambassador applauded Ghana’s role in promoting peace and stability across West Africa. She noted that Ghana’s involvement in the Aqaba Process, a global initiative to strengthen cooperation on counter-terrorism and regional security, is vital to building resilience in the sub-region.
“Ghana remains a cornerstone of peace and security in West Africa,” she said, underscoring the country’s critical contribution to maintaining regional stability.
Chief of Staff Julius Debrah, who received the Ambassador’s message on behalf of President John Dramani Mahama, expressed Ghana’s deep appreciation for the generous gesture.
“We are grateful for Italy’s continued support, especially the decision to convert loans to grants, which goes a long way to ease the pressure on our economy,” Mr Debrah said.
He reaffirmed Ghana’s readiness to strengthen bilateral ties and assured that all international support would be managed with transparency and dedicated to national development.
Ambassador Ranalli is expected to formally present her letters of credence to President Mahama in the coming days.
