Ghana has signed a debt restructuring agreement with Belgium as part of ongoing efforts to stabilise the country’s public finances, following the severe economic crisis of 2022–2023.

Speaking at the signing ceremony, the Minister for Finance, Dr. Cassiel Ato Forson, recalled the difficult period Ghana endured during the crisis, which forced the government at the time to declare a debt default.

He noted that the country is now witnessing a significant economic turnaround as reforms and fiscal consolidation measures begin to take effect.

“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.”

Dr. Forson explained that Ghana is nearing the completion of its external debt restructuring programme, adding that the agreement with Belgium marks another important milestone.

According to him, Belgium is the eighth Official Creditor Committee (OCC) country with which Ghana has concluded a bilateral debt restructuring agreement.

Dr. Forson also expressed gratitude to the Government and people of Belgium for their cooperation and support throughout the restructuring process.

Belgium’s Ambassador to Ghana, Carole van Eyll, reaffirmed her country’s commitment to supporting Ghana as it navigates the aftermath of the economic crisis.

She said Belgium was pleased to have concluded the restructuring agreement and commended Ghana’s efforts to restore macroeconomic stability.

“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 cooperation with Ghana in the years ahead as the country continues on its path of economic recovery.