Ghana, Belgium sign bilateral debt deal as external restructuring nears completion

Ghana has taken another significant step towards finalizing its external debt restructuring, signing a bilateral agreement with Belgium on Thursday. The deal marks the eighth such accord concluded with a member of the Official Creditor Committee (OCC) as the government pushes to consolidate the economic recovery following the 2022-2023 fiscal crisis.

The agreement, signed in Accra, is part of a broader programme aimed at restoring long-term fiscal stability and alleviating the debt burden that forced the country into an unprecedented default.

Speaking at the signing ceremony, Finance Minister Cassiel Ato Forson reflected on the severity of the recent economic turmoil but struck an optimistic tone about the nation’s trajectory.

“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 stated. “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 confirmed that Belgium is now the eighth creditor nation to successfully conclude bilateral restructuring terms with Ghana under the G20 Common Framework, signaling that the country is in the final stages of negotiations with its official creditors. He extended the government’s gratitude to the Belgian government and its people for their cooperative spirit, describing the partnership as vital to Ghana’s efforts to regain macroeconomic stability.

Belgium’s Ambassador to Ghana, Carole van Eyll, reaffirmed her country’s commitment to the West African nation’s recovery.

“We are happy to continue supporting Ghana, and we are pleased that this restructuring has been concluded,” Ambassador van Eyll said. She commended the progress Ghana has made in stabilizing its economy and expressed optimism about the nation’s recovery trajectory. The Ambassador added that Belgium looks forward to deepening bilateral cooperation in the coming years.

The agreement is a crucial component of broader negotiations with official creditors designed to ease Ghana’s debt service obligations and create the necessary fiscal space for sustained economic recovery and growth.