Ghana has signed a debt restructuring agreement with Belgium as part of ongoing efforts to restore economic stability.

Finance Minister Dr Cassiel Ato Forson announced on Thursday, March 5, that he had signed the agreement on behalf of the Government of Ghana, describing it as another important step in the country’s external debt restructuring programme.

According to the Minister, the agreement forms part of a broader effort by the government to stabilise the economy after the severe fiscal crisis that hit the country in 2022 and 2023.

“A while ago, on behalf of the Government of Ghana, I signed a debt restructuring agreement with the Kingdom of Belgium,” he said.

Dr. Forson noted that Ghana had gone through an extremely difficult period during the crisis, which forced the government at the time to declare a debt default.

He however indicated that the country is gradually emerging from the crisis and beginning to see signs of economic 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,” the Finance Minister stated.

Dr. Forson further disclosed 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 programme.

The Finance Minister also expressed appreciation to the Belgian government and its diplomatic representatives in Ghana for their continued support during the restructuring process.

“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.