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Ghana has signed a bilateral debt restructuring agreement with Belgium as part of its broader efforts to stabilise public finances following the severe economic crisis that affected the country between 2022 and 2023.
Speaking during the signing ceremony, Ghana’s Finance Minister, Cassiel Ato Forson, reflected on the difficult economic conditions that forced the government at the time to declare a debt default.
According to the minister, the country is now beginning to experience a gradual economic recovery as fiscal reforms and consolidation measures take hold.
“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 explained that Ghana is approaching the final phase of its external debt restructuring programme, noting that the agreement with Belgium represents another key milestone in the process.
He revealed that Belgium has become the eighth member of the Official Creditor Committee (OCC) to finalise a bilateral debt restructuring agreement with Ghana.
The finance minister also expressed appreciation to the Belgian government and its citizens for their cooperation and support throughout the restructuring negotiations.
Belgium’s Ambassador to Ghana, Carole van Eyll, reaffirmed her country’s commitment to supporting Ghana as it continues efforts to rebuild economic stability after the crisis.
She said Belgium was pleased to have concluded the restructuring agreement and commended Ghana’s progress toward restoring macroeconomic balance.
“We are happy to continue supporting Ghana, and we are pleased that this restructuring has been concluded,” Ambassador van Eyll said.
She added that Belgium looks forward to strengthening bilateral cooperation with Ghana as the country advances along its path of economic recovery and financial stability.
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