Ghana Signs Debt Restructuring Agreement with Belgium, Marks Eighth OCC Deal

Ghana has signed a new debt restructuring agreement with the Kingdom of Belgium, marking a significant milestone in the country’s ongoing external debt recovery programme.
In a statement issued after the signing ceremony, Finance Minister Cassiel Ato Forson said the agreement forms part of Ghana’s broader efforts to stabilise the economy following the severe financial crisis that hit the country between 2022 and 2023.
From Crisis to Recovery
Ghana endured one of its most challenging economic periods in recent history during 2022–2023, when mounting fiscal pressures and external shocks forced the government at the time to declare a debt default. The crisis triggered high inflation, currency instability, and significant hardship for households and businesses across the country.
According to Dr. Forson, the situation has since improved considerably.
“Today, however, the story is changing,” he noted, adding that Ghana is witnessing a strong economic turnaround supported by fiscal reforms and strengthened financial management systems aimed at preventing a return to unsustainable debt levels.
Eighth Agreement Under OCC Programme
The agreement with Belgium is the eighth deal Ghana has concluded with countries under the Official Creditor Committee (OCC) framework as part of its external debt restructuring programme.
The OCC process is designed to coordinate negotiations between debtor nations and official bilateral creditors to ensure orderly and sustainable debt treatment.
Dr. Forson emphasised that each agreement reached under the programme represents renewed confidence in Ghana’s recovery path and commitment to fiscal discipline.
Appreciation to Belgium
On behalf of the Government and people of Ghana, the Finance Minister expressed sincere gratitude to the Government of Belgium for its cooperation and partnership throughout the restructuring process.
He also extended special appreciation to Carole van Eyll, Ambassador of Belgium to Ghana, for her role in strengthening bilateral relations and supporting Ghana during its economic recovery efforts.
Strengthening Ghana–Belgium Relations
The agreement not only advances Ghana’s debt restructuring agenda but also reinforces diplomatic and economic ties between Ghana and Belgium. Officials say continued collaboration between the two countries will support investment, trade, and development cooperation in the years ahead.
With eight OCC agreements now secured, Ghana moves a step closer to restoring full macroeconomic stability and rebuilding investor confidence as it works toward long-term economic resilience.