Finance Minister, Cassiel Ato Forson, has announced that the government has concluded a debt restructuring agreement with the Kingdom of Belgium as part of efforts to restore macroeconomic stability after the country’s recent financial crisis.
The minister disclosed the development in a Facebook post on Thursday (5 March), indicating that he signed the agreement on behalf of the Government of Ghana.
“On behalf of the Government of Ghana, I signed a debt restructuring agreement with the Kingdom of Belgium,” Dr Forson said.
According to the finance minister, the agreement forms part of Ghana’s broader external debt restructuring programme being implemented with countries under the Official Creditor Committee.
Dr Forson reflected on the economic challenges the country experienced between 2022 and 2023 when Ghana was forced to suspend payments on some of its external obligations.
“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 said.
He added that the country is beginning to see signs of recovery as economic reforms and restructuring measures start to yield results.
“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,” Dr Forson said.
The finance minister noted that the agreement with Belgium represents the eighth deal Ghana has concluded with countries participating in the Official Creditor Committee under the external debt restructuring process.
“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.
Dr Forson also expressed appreciation to the Government of Belgium and the country’s ambassador to Ghana, Carole van Eyll, for their continued cooperation and support.
“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 stated.
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