Ghana has signed a bilateral debt restructuring agreement with Belgium as the West African country continues efforts to rebuild its finances after a deep economic crisis forced it to default on its debt in 2022.
- Ghana has signed a bilateral debt restructuring agreement with Belgium as it works to stabilise its economy after the 2022 financial crisis.
- The deal forms part of a broader effort to renegotiate external debt following the country’s default.
- Finance Minister Cassiel Ato Forson said the agreement marks another milestone as Ghana nears the end of its restructuring programme.
- Belgium said it remains committed to supporting Ghana’s economic recovery and stability.
The agreement forms part of a wider restructuring programme Ghana has been negotiating with external creditors since the crisis triggered soaring inflation, a collapsing currency and rising debt repayments that strained public finances.
Speaking at the signing ceremony, Finance Minister Dr Cassiel Ato Forson recalled how the crisis pushed the country into one of the most difficult economic periods in its recent history.
“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,” the minister 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.”
Ghana defaulted on most of its external debt in late 2022 as the government struggled to service mounting obligations. The move was part of a broader effort to restructure its debt and restore stability to the economy while securing support from international lenders.
Dr Forson said the country was now close to completing the restructuring of its external debt and described the agreement with Belgium as another important step in that process.
According to him, Belgium is the eighth member of the Official Creditor Committee (OCC) with which Ghana has finalised a bilateral restructuring deal.
He thanked the Belgian government and its citizens for their cooperation and support during the negotiations.
Belgium’s Ambassador to Ghana, Carole van Eyll, said her country remained committed to supporting Ghana as it works to recover from the crisis.
“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 hopes to deepen cooperation with Ghana in the coming years as the country continues efforts to restore economic stability and rebuild growth.
