Ghana has formalised a bilateral debt restructuring agreement with Belgium, marking a significant step in the country’s ongoing negotiations with external creditors following the economic crisis that led to default between 2022 and 2023.
Concluded in Accra on March 5, the accord is part of a broader programme aimed at restoring fiscal stability and easing Ghana’s external debt burden after the crisis severely strained public finances.
At the signing ceremony, Finance Minister Cassiel Ato Forson reflected on the severity of the financial challenges the nation faced during the crisis.
“Ghana experienced a very difficult period in 2022–2023, which necessitated the unprecedented step of declaring a debt default. Today, we are witnessing recovery and implementing measures to prevent a recurrence,” he said.
Dr Forson highlighted that the debt restructuring process was nearing completion, with Belgium now the eighth creditor to finalise a bilateral agreement under the programme. He commended the Belgian government and people for their cooperation, describing their partnership as vital to Ghana’s macroeconomic stabilisation efforts.
Belgium’s Ambassador to Ghana, Carole van Eyll, reaffirmed her country’s commitment to supporting Ghana’s recovery, noting optimism about the nation’s economic trajectory and the prospects for strengthened cooperation in the years ahead. The agreement forms part of wider negotiations with the Official Creditor Committee, designed to reduce Ghana’s debt burden and create fiscal space for sustained economic growth.