Ghana secures €163m debt restructuring agreement with Belgium

Ghana has reached a significant milestone in its debt restructuring program, securing a €163 million agreement with Belgium, Finance Minister Dr Cassiel Ato Forson announced. The minister emphasized that the deal is crucial not only for its financial implications but also for its impact on the lives of Ghanaians. By reducing the debt burden, the government will have more resources to invest in essential services such as healthcare, education, and infrastructure.

Dr Ato Forson highlighted that the restructuring would alleviate pressure on the national budget, enabling better allocation of funds to public goods and services. He noted that previously, about 55% of national revenue was spent on debt servicing, leaving limited resources for public goods. With this agreement, Ghana is moving closer to completing the debt restructuring process, restoring confidence in the economy, and paving the way for a more stable future.

The minister appreciated Belgium's cooperation and expressed the government's commitment to enshrining fiscal rules in law to ensure ongoing fiscal discipline and prevent future debt accumulation.