• Ghana has signed a debt restructuring agreement with Belgium, its eighth such deal with external creditors.
• The agreement forms part of the country’s broader effort to restore fiscal stability after the 2022–2023 economic crisis.
• Ghana reports improving economic indicators, including stronger growth, falling inflation, and a firmer currency.

Ghana has signed a debt restructuring agreement with Belgium, the country’s Finance Ministry announced on Thursday, March 5. The deal marks the eighth agreement Accra has reached with creditors under its ongoing external debt restructuring program.

A while ago, on behalf of the Government of Ghana, I signed a debt restructuring agreement with the Kingdom of Belgium.

Ghana went through an extremely difficult period in 2022–2023, when the country faced a severe financial crisis that led the government at the time to declare… pic.twitter.com/E8P3iiYs19

— Cassiel Ato Forson (PhD) (@Cassielforson) March 5, 2026

The agreement is part of Ghana’s broader effort to stabilize public finances after the economic crisis that struck the country between 2022 and 2023. Finance Minister Cassiel Ato Forson said Ghana is “close to completing its external debt restructuring program,” describing the agreement with Belgium as “an important step.”

The announcement follows Ghana’s payment in February of nearly $910 million in interest tied to its Domestic Debt Exchange Programme. According to the government, the payment should help strengthen investor confidence and support stability in the country’s financial sector.

Economic Recovery Takes Shape

Ghana’s economy has begun to recover after a difficult period marked by high inflation, currency depreciation, and mounting public debt.

According to figures from the Finance Ministry, gross domestic product grew by 6.1% during the first three quarters of 2025, compared with 5.7% over the same period in 2024. That represents the fastest growth recorded since 2019.

Inflation has also dropped sharply, falling from 23.8% in December 2024 to 6.3% in November 2025. The cedi strengthened by more than 40.7% against the U.S. dollar in 2025.

Public debt levels have also declined, dropping from 61.8% of GDP in December 2024 to 45% in October 2025.

According to the Finance Ministry, these developments reflect the first positive results of fiscal consolidation measures and economic reforms implemented over the past two years.

Since 2023, Ghana has been carrying out reforms under a program supported by the International Monetary Fund aimed at restoring macroeconomic stability and ensuring the sustainability of public debt. The measures follow the country’s partial debt default in 2022, which came amid a sharp deterioration in public finances.

Lydie Mobio