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.
At the signing ceremony, Finance Minister Dr. Cassiel Ato Forson reflected on the economic turmoil that forced the government at the time to declare a debt default.
He noted that the country is gradually regaining stability as reforms and fiscal discipline begin to yield results.
“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.
“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.”
Dr. Forson indicated that the external debt restructuring programme is nearing completion, describing the agreement with Belgium as another key milestone in the process.
He explained that Belgium is the eighth member of the Official Creditor Committee (OCC) to conclude a bilateral restructuring deal with Ghana.
The Finance Minister also expressed appreciation to the Belgian government and its citizens for their cooperation during the negotiations.
Belgium’s Ambassador to Ghana, Carole van Eyll, said her country remains committed to supporting Ghana as it works to rebuild its economy after the crisis.
“We are happy to continue supporting Ghana, and we are pleased that this restructuring has been concluded,” she stated.
Ambassador van Eyll added that Belgium looks forward to deepening its partnership with Ghana as the country advances its economic recovery agenda.
