Ghana has signed a debt restructuring agreement with Belgium as part of ongoing efforts to stabilise the country’s public finances following the sever
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.
Speaking at the signing ceremony, the Minister of Finance, Dr Cassiel Ato Forson, reflected on the difficult period Ghana faced during the crisis, which forced the government at the time to declare a debt default.
“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,” Dr. Forson said.
He added that the country is now experiencing a significant economic turnaround as reforms and fiscal consolidation measures take effect.
“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,” he stated.
Dr. Forson noted that Ghana is nearing the completion of its external debt restructuring programme, with the agreement with Belgium marking another key milestone. Belgium is the eighth Official Creditor Committee (OCC) country with which Ghana has concluded a bilateral debt restructuring deal.
The Finance Minister also expressed gratitude to the Government and people of Belgium for their cooperation and support throughout the restructuring process.
Belgium’s Ambassador to Ghana, Carole van Eyll, reaffirmed her country’s commitment to supporting Ghana as it recovers from the economic crisis.
“We are happy to continue supporting Ghana, and we are pleased that this restructuring has been concluded,” Ambassador van Eyll said, adding that Belgium looks forward to strengthening cooperation with Ghana in the coming years as the country advances on its path of economic recovery.
COMMENTS