Omanghana
Ghana has signed a bilateral debt restructuring agreement with Belgium as part of efforts to stabilize its economy following the country’s financial crisis in 2022 and 2023.
The agreement makes Belgium the eighth member of the Official Creditor Committee to finalize a restructuring arrangement with Ghana as the country continues to implement measures to restore fiscal stability after its debt default in 2022.
The deal was signed in Accra by Ghana’s Minister for Finance, Cassiel Ato Forson, and Belgium’s Ambassador to Ghana, Carole van Eyll. Officials from both countries described the agreement as an important milestone in Ghana’s broader external debt restructuring program.
According to the government, the objective of the agreement is to restore macroeconomic stability and place Ghana’s public finances on a sustainable path. The deal forms part of a wider restructuring process that has also seen Ghana reach similar arrangements with other major creditors, including the United Kingdom, France, and China.
Speaking after the signing, Minister Forson stated that Ghana’s economy is beginning to show signs of recovery following the crisis. He noted that the government has introduced new fiscal management systems and policy reforms aimed at preventing a repeat of the conditions that led to the economic downturn.
As part of its long-term recovery strategy, Ghana is targeting a reduction in its debt-to-GDP ratio to below 55 percent by 2028. The government also aims to lower the country’s debt service-to-revenue ratio to less than 18 percent within the same period.
The latest agreement is expected to strengthen investor confidence and support Ghana’s ongoing efforts to fully restore economic stability and growth.
Source: Omanghana
