Ghana has signed a bilateral debt restructuring agreement with Belgium, bringing the country one step closer to completing its external debt workout following the sovereign default of 2022.
Finance Minister Dr. Cassiel Ato Forson confirmed the signing, describing the agreement as the eighth deal Ghana has concluded with countries under the Official Creditor Committee (OCC) framework as part of its external debt restructuring programme.
Forson said the signing reflects how far Ghana has travelled since the crisis forced the then-government to declare a default. “Ghana went through a very difficult period in 2022 to 2023. It was a financial crisis, and the government of the day had to declare a default. 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 said.
Ghana has achieved critical milestones throughout the restructuring process, completing Eurobond restructuring with creditor participation exceeding 95 percent and securing bilateral agreements with multiple OCC members. The country achieved a primary fiscal surplus of 1.5 percent of gross domestic product by year-end 2025, on track with programme objectives under its International Monetary Fund (IMF) Extended Credit Facility arrangement.
Belgium’s Ambassador to Ghana, Carole van Eyll, said her country was pleased to have concluded the agreement and reaffirmed Belgium’s commitment to Ghana’s recovery. “We are happy to continue supporting Ghana, and we are pleased that this restructuring has been concluded,” van Eyll said.
Looking ahead, Ghana has scheduled total debt service of USD 1.409 billion for 2026, a significant obligation that underscores the importance of completing bilateral agreements and maintaining fiscal discipline as the country transitions from crisis management to sustainable growth.
