Ghana has secured a €163 million debt restructuring agreement with Belgium, Finance Minister Dr Cassiel Ato Forson has announced, marking another step in the government’s ongoing efforts to restructure the country’s external debt and restore long-term debt sustainability.
The agreement forms part of Ghana’s negotiations with its bilateral creditors following the country’s debt crisis and subsequent restructuring programme.
The Belgium deal adds to a series of agreements reached with members of the Official Creditor Committee (OCC), which are intended to ease Ghana’s debt-servicing obligations and support its broader economic recovery programme.
Ato Forson has described the progress as evidence that Ghana’s debt restructuring programme is moving forward, with the government seeking to create more fiscal space while rebuilding confidence in the economy.
Ghana’s debt restructuring became necessary after severe fiscal pressures contributed to a partial sovereign debt default in 2022.
The restructuring process has since involved both domestic and external creditors, alongside economic reforms under Ghana’s IMF-supported programme.
The agreement with Belgium is therefore significant because each completed bilateral arrangement brings Ghana closer to completing the external restructuring process and reducing pressure from its outstanding obligations.
By March 2026, Ghana had also reached a separate restructuring agreement with India’s Exim Bank, described as the country’s 11th bilateral debt deal.
The government is expected to continue engagements with remaining creditors while implementing measures aimed at preventing a return to unsustainable borrowing.
The Finance Ministry has also indicated that debt sustainability will remain central to future financing decisions.
This objective is not only to restructure existing obligations but also to strengthen fiscal management so that the country can meet its commitments without returning to the financial pressures that triggered the 2022 debt crisis.
