Ghana concludes debt restructuring agreement with Belgium – Ato Forson

Finance Minister Cassiel Ato Forson has disclosed that Ghana has reached a debt restructuring arrangement with the Kingdom of Belgium.

He described the agreement as part of the country’s broader efforts to rebuild economic stability after the recent fiscal crisis.

Announcing the development in a Facebook post on Thursday, March 5, Dr. Forson indicated that he personally signed the agreement on behalf of the Government of Ghana, signalling progress in the country’s ongoing negotiations with its external creditors.

“On behalf of the Government of Ghana, I signed a debt restructuring agreement with the Kingdom of Belgium,” the Finance Minister stated.

Dr. Forson noted that the agreement comes after a turbulent economic period between 2022 and 2023, when Ghana faced serious financial challenges that forced the country into a debt default. According to him, the economic difficulties during that time placed immense pressure on the country’s finances and required urgent corrective measures.

“Ghana went through an extremely difficult period in 2022–2023, when the country faced a severe financial crisis that led the government at the time to declare a debt default,” he explained.

Despite those challenges, the Finance Minister said the country is now gradually moving toward economic recovery, adding that reforms and policy interventions are beginning to yield positive results. He stressed that government is also implementing stronger financial management systems to prevent a recurrence of the crisis.

“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 added.

Providing further details, Dr. Forson explained that the deal signed with Belgium is the eighth agreement Ghana has reached with members of the *Official Creditor Committee*, a group of bilateral lenders working with Ghana under the external debt restructuring programme.

“This agreement with Belgium represents the eighth agreement Ghana has concluded with Official Creditor Committee (OCC) countries under our external debt restructuring programme,” he said.

He also extended appreciation to the Belgian government and its diplomatic representative in Ghana for their cooperation throughout the process. The Finance Minister specifically acknowledged the contribution of Belgium’s Ambassador to Ghana.

“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 noted.

Ghana has been engaging several bilateral creditors under the restructuring framework as part of a broader strategy to restore debt sustainability and strengthen the country’s economic outlook in the years ahead.