Ghana signs debt restructuring deal with Belgium

Ghana has signed a debt restructuring agreement with Belgium, marking another step in the country’s efforts to stabilise its economy following the financial crisis that forced a debt default in recent years.

The Minister for Finance, Cassiel Ato Forson, announced that he signed the agreement on behalf of the Government of Ghana, describing the deal as part of ongoing measures to restore economic stability after the turbulence experienced between 2022 and 2023.

According to the minister, Ghana went through an extremely difficult period during the crisis, which compelled the country to declare a debt default. He said the government is now focused on rebuilding the economy and ensuring that stronger financial management systems are put in place to prevent a recurrence.

Dr Forson noted that the agreement with Belgium is the eighth deal Ghana has concluded with members of the Official Creditor Committee under its external debt restructuring programme. The initiative forms part of broader efforts to reduce the country’s debt burden and rebuild confidence in the economy.

He also expressed gratitude to the Belgian government for its cooperation throughout the negotiations and acknowledged the role played by Carole van Eyll, Ambassador of Belgium to Ghana, in strengthening bilateral relations.

The agreement adds to a series of restructuring arrangements Ghana has been pursuing with its international partners as the country works to restore fiscal stability and support economic recovery.