Ghana has signed a debt restructuring agreement with Belgium as part of ongoing efforts to stabilise the country’s economy and address its external debt obligations.
The Minister for Finance, Cassiel Ato Forson, announced on Thursday, March 5, that he had signed the agreement on behalf of the Government of Ghana, describing the development as another key milestone in the country’s external debt restructuring programme.
“A while ago, on behalf of the Government of Ghana, I signed a debt restructuring agreement with the Kingdom of Belgium,” Dr Forson said.
According to the Finance Minister, the agreement forms part of broader government efforts to restore economic stability following the severe fiscal crisis that affected the country between 2022 and 2023.
Dr Forson noted that the economic downturn forced the government at the time to declare a debt default, pushing the country into a difficult period of financial uncertainty.
However, he indicated that the country is gradually emerging from the crisis and beginning to see signs of recovery.
“Today, however, the story is changing. Ghana is recovering and witnessing a significant economic turnaround, while we also put in place stronger systems to ensure we do not return to that point again,” he stated.
The Finance Minister further revealed that the agreement with Belgium represents the eighth deal Ghana has concluded with countries under the Official Creditor Committee (OCC) framework as part of the country’s external debt restructuring process.
Dr Forson also expressed appreciation to the Belgian government and its diplomatic representatives in Ghana for their support throughout the restructuring process.
He specifically thanked Carole van Eyll, Belgium’s Ambassador to Ghana, for the continued partnership between the two countries.
“On behalf of the Government and people of Ghana, I expressed my sincere gratitude to the Government of Belgium and to H.E. Carole van Eyll, the Ambassador of Belgium to Ghana, for their support and continued partnership with Ghana,” he said.
