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.
Dr. Cassiel Ato Forson, the Minister of Finance, recalled the difficult period Ghana endured during the crisis, which forced the government at the time to declare a debt default.
Speaking at the signing ceremony in Accra on Thursday, the Minister noted that the country now witnessed a significant economic turnaround as reforms and fiscal consolidation measures begun 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,” he 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 was nearing the completion of its external debt restructuring programme, and that the agreement with Belgium marked another important milestone.
Belgium was the eighth Official Creditor Committee (OCC) country with which Ghana had concluded a bilateral debt restructuring agreement, he noted.
Dr Forson expressed gratitude to the Government and people of Belgium for their cooperation and support throughout the restructuring process.
Madam Carole van Eyll, Belgium’s Ambassador to Ghana, 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,” Madam van Eyll said.
She added that Belgium looked forward to strengthening cooperation with Ghana in the years ahead as the country continued its path of economic recovery.
Source: GNA
