Ghana has signed a bilateral debt restructuring agreement with Belgium, marking the eighth creditor deal since the nation’s financial crisis in 2022–2023, according to the Ministry of Finance Ghana. The announcement was made by Finance Minister Cassiel Ato Forson following the signing ceremony in Accra, as part of the government’s broader effort to restore macroeconomic stability and rebuild public finances, Business Insider Africa reports.
Ghana’s financial challenges in 2022 and 2023, which included a partial debt default, prompted negotiations with both official and private creditors under the Official Creditor Committee (OCC) framework. The agreement with Belgium brings the country closer to completing its bilateral restructuring process with OCC members, demonstrating progress in managing its external obligations within an IMF-supported programme.
Speaking at the signing, Dr. Forson noted that Ghana is experiencing a notable economic turnaround as fiscal consolidation and structural reforms take effect. He also thanked Belgium for its cooperation, emphasizing the importance of continued collaboration to strengthen fiscal systems and reduce vulnerabilities.
The deal forms part of Ghana’s strategy to restore debt sustainability, stabilize the economy, and attract investment by demonstrating fiscal discipline. Completion of these bilateral agreements is seen as a critical step toward unlocking further international support and bolstering investor confidence in the country’s economic recovery.
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