Ghana secures €163m debt restructuring deal with Belgium – Ato Forson

Ghana has reached a significant milestone in its debt restructuring program as it secured a €163 million deal with Belgium, Finance Minister Dr Cassiel Ato Forson announced. Dr Forson emphasized that the agreement is crucial not only due to the financial figures involved but also its potential impact on Ghanaians' lives. He explained that debt restructuring would alleviate pressure on the national budget, allowing more resources to be allocated to essential public services and infrastructure.

According to Dr Forson, the reduced debt-servicing burden would enable greater investment in crucial sectors like healthcare, education, roads, and other social infrastructure. He stated that the people of Ghana would benefit from improved healthcare, more schools, and better roads as the government redirects more resources towards public goods and services. Previously, about 55% of national revenue was spent on debt servicing, leaving minimal funds for public goods and services.

Dr Forson highlighted that Ghana has made substantial progress in addressing its debt challenges, with the latest agreement marking an important milestone. He expressed confidence that this agreement would restore trust in the Ghanaian economy and contribute to a more stable economic future. The Finance Minister praised Belgium's cooperation and expressed gratitude for agreeing to restructure the €163 million debt.

He also stated that the government is taking steps to prevent the country from returning to unsustainable debt levels.