Finance Minister Dr. Cassiel Ato Baah Forson says Ghana’s €163 million debt restructuring agreement with Belgium will ease pressure on the national budget and create more fiscal space for critical public services.
The agreement, involving debt owed to Belgium’s export credit agency, forms part of Ghana’s broader debt restructuring programme.
Dr. Forson said the deal would allow government to reduce the amount of revenue committed to debt servicing and redirect more resources towards healthcare, education, roads and other social infrastructure.
“This particular agreement is important because debt restructuring is not always about just the numbers. It has to do with the people of Ghana and our citizens,” he said.
He noted that Ghana had previously spent about 55% of its national revenue on debt servicing, leaving limited resources for public services.
According to the Finance Minister, the situation has improved considerably, with debt servicing now accounting for less than 20% of total revenue.
“And that obviously means that, unlike the past, we can spend more to take care of public infrastructure and social care,” he said.
Dr. Forson said the agreement also brings Ghana closer to completing its debt restructuring and restoring confidence in the economy.
He expressed appreciation to Belgium for agreeing to restructure the €163 million debt and said government was taking steps to prevent Ghana from returning to an unsustainable debt position.
He added that government intends to have its fiscal rules enshrined in law to ensure future administrations maintain fiscal discipline.
