Ghana signs debt restructuring agreement with Belgium

Ghana signs debt restructuring agreement with Belgium

Ghana has signed a bilateral debt restructuring agreement with Belgium, marking a key step in its broader efforts to stabilize public finances following the 2022–2023 economic crisis. The agreement, announced on March 5, 2026, is the eighth such deal concluded under the Official Creditor Committee (OCC) framework, with Belgium joining other creditor nations in restructuring Ghana's external debt.

Finance Minister Dr. Cassiel Ato Forson emphasized that the country is emerging from a period of severe fiscal stress, during which the government declared a debt default. "Today we are recovering and seeing a significant turnaround," he stated, noting that reforms and fiscal consolidation measures are beginning to yield results. The minister also expressed gratitude to Belgium for its cooperation, highlighting the importance of international support in restoring macroeconomic stability.

Belgium's Ambassador to Ghana, Carole van Eyll, reaffirmed her country's commitment to Ghana's recovery, commending the nation's progress and pledging continued collaboration. "We are pleased that this restructuring has been concluded," she said, adding that Belgium aims to strengthen ties with Ghana in the coming years.

With this agreement, Ghana moves closer to finalizing its external debt restructuring program, a critical component of its strategy to rebuild fiscal resilience and avoid a recurrence of the 2022–2023 crisis.