Ghana has reached a bilateral debt restructuring agreement with Belgium, marking another step in the country’s efforts to restore fiscal stability after the economic crisis that hit between 2022 and 2023.
The agreement forms part of Ghana’s broader external debt restructuring programme aimed at stabilising public finances and rebuilding investor confidence.
Speaking at the signing ceremony in Accra, Finance Minister Cassiel Ato Forson reflected on the severe financial difficulties the country faced during the crisis period, which forced 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 of the day had to declare a default,” he said.
Dr Forson noted that recent reforms and fiscal consolidation measures were beginning to yield positive results, placing the country on a path of economic recovery.
“Today we are recovering and seeing a significant turnaround, and we are putting systems in place to ensure we do not return to that situation again,” he added.
According to the Minister, the agreement with Belgium represents a major milestone in the country’s ongoing negotiations with official creditors.
He explained that Belgium had become the eighth member of the Official Creditor Committee (OCC) to finalise a bilateral debt restructuring agreement with Ghana.
Dr Forson expressed appreciation to the Belgian government and its people for their cooperation and support throughout the process.
Meanwhile, Belgium’s Ambassador to Ghana, Carole van Eyll, reaffirmed her country’s commitment to supporting Ghana’s economic recovery efforts.
She said Belgium was pleased to conclude the agreement and commended Ghana for the steps taken to restore macroeconomic stability.
“We are happy to continue supporting Ghana, and we are pleased that this restructuring has been concluded,” she said.
Madam van Eyll also expressed optimism about strengthening bilateral cooperation between the two countries as Ghana continues its economic recovery and reform agenda.
