Ghana has signed an agreement with Belgium to restructure €163 million in export credit debt, Finance Minister Cassiel Ato Forson revealed.
The Finance Minister indicated that the bilateral accord represents a pivotal step towards rebuilding confidence in the Ghanaian economy while laying the foundation for long-term financial stability.
“With this agreement, Ghana moves closer to completing the debt restructuring, restoring confidence and securing a more stable economic future for our people,” he said after the signing.
Dr Ato Forson highlighted that the restructured terms will alleviate immediate strain on the national budget by scaling down debt-servicing allocations, thereby freeing up vital state revenue for critical public services and infrastructure development.
“For every Ghanaian, it means that more of our national resources can be directed towards improving lives rather than servicing unsustainable debt,” he said.
Emphasising the broader socio-economic benefits, Dr Ato Forson noted that the deal extends well beyond balance sheet figures, directly influencing public service execution across the country.
“It means less pressure on the national budget. And obviously, the people of Ghana will have an opportunity to experience more healthcare because we are reducing the amount we use to service the debt,” he said.
He further noted that the fiscal flexibility gained from the renegotiated debt will allow the administration to channel capital into education, transport networks, and essential social infrastructure.
To safeguard the economy moving forward, the Minister assured that structural measures are being introduced to lock in fiscal discipline and deter any future descent into debt distress.
“We largely want to ensure that the fiscal rules that we have instituted today are enshrined in law. So that, even if this government is not there, the next government will have to make sure that these fiscal rules are respected,” he said.
Dr Ato Forson extended his gratitude to the Belgian government for its cooperation on the €163 million relief, framing the milestone as a core component of Ghana’s broader strategy to resolve its external debt challenges and secure economic recovery.
By: Rainbowradioonline.com/Ghana
