Ghana Signs Debt Restructuring Agreement with Belgium

Ghana has finalized a debt restructuring agreement with Belgium as part of efforts to stabilise public finances following the economic crisis of 2022–2023.

Speaking at the signing ceremony, the Minister for Finance, Dr Cassiel Ato Forson, reflected on the challenging period when Ghana faced severe financial strain, leading the government at the time to declare a debt default.

“Ghana went through a very difficult period in 2022–2023. It was a financial crisis, and the government then had to declare a default. Today, we are seeing a significant turnaround and putting systems in place to prevent a repeat of that situation,” Dr Forson said.

He noted that the country is nearing the completion of its external debt restructuring programme and described the agreement with Belgium as a key milestone. Belgium is now the eighth Official Creditor Committee (OCC) country with which Ghana has concluded a bilateral debt restructuring deal.

Dr Forson expressed appreciation to the Government and people of Belgium for their cooperation and support throughout the process.

Belgium’s Ambassador to Ghana, Carole van Eyll, reiterated her country’s commitment to supporting Ghana’s economic recovery. “We are pleased to have concluded this restructuring and commend Ghana’s efforts to restore macroeconomic stability,” she said, adding that Belgium looks forward to deepening cooperation with Ghana in the future.