Ghana has taken another step towards completing its external debt restructuring after reaching an agreement with Belgium on the restructuring of €163 million owed to the country’s export credit agency, a move that should ease future pressure on government finances.
The agreement adds to Ghana’s efforts to reduce debt-service obligations and create more room within the budget for development spending. The International Monetary Fund said Ghana’s debt trajectory had improved significantly following progress on domestic and external restructuring, with the country’s debt risk rating upgraded to moderate.
Finance Minister Cassiel Ato Forson said the agreement would help redirect public resources towards economic and social priorities.
“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.
Reducing the cost and timing of those obligations gives the government greater flexibility in managing annual expenditure, particularly as it seeks to maintain fiscal consolidation while protecting spending on infrastructure and social services.
The agreement also strengthens Ghana’s record of implementing the restructuring framework agreed with its official creditors. The government signed a Memorandum of Understanding with the Official Creditor Committee in January 2025, covering bilateral debt under the G20 Common Framework.
Ghana has since completed the restructuring of its domestic debt and Eurobonds, while the final outstanding component of its bonded external debt was addressed in July through the exchange of the US$117.8 million Saderea Notes.
Ghana’s 2026 fiscal programme targets a primary surplus of 1.5% of GDP, while the IMF says the government must strengthen domestic revenue mobilisation, public financial management and oversight of state-owned enterprises to preserve debt sustainability.
The restructuring will need to be followed by sustained fiscal discipline, with the government’s ability to maintain the gains from debt relief depending on tighter expenditure controls, stronger revenue mobilisation and adherence to its fiscal rules.
