Ghana signs debt restructuring agreement with Belgium

Ghana has signed a debt restructuring agreement with Belgium as part of efforts to stabilise the country’s economy and advance its external debt restructuring programme.

The agreement forms part of ongoing negotiations with official creditors following Ghana’s debt default during the 2022–2023 economic crisis.

Finance Minister Dr. Cassiel Ato Forson announced the development in a social media post on Thursday, March 5, describing the deal as another step in Ghana’s economic recovery efforts.

“A while ago, on behalf of the Government of Ghana, I signed a debt restructuring agreement with the Kingdom of Belgium,” the minister said.

Ghana entered a debt restructuring process after facing severe financial difficulties that forced the government at the time to suspend payments on some of its external obligations.

The programme is aimed at restoring debt sustainability and rebuilding confidence in the country’s economy.

Dr. Ato Forson said the latest agreement marks another milestone under Ghana’s engagements with members of the Official Creditor Committee.

“This agreement with Belgium represents the eighth agreement Ghana has concluded with Official Creditor Committee (OCC) countries under our external debt restructuring programme,” he stated.

He added that the government remains committed to implementing reforms that will strengthen the country’s economic management and prevent a repeat of the financial crisis.