Ghana signs bilateral debt-restructuring agreement with Belgium

On 5 March 2026 Ghana signed a bilateral debt-restructuring agreement with Belgium, part of its Official Creditor Committee process to ease external debt-service pressures and advance completion of the external restructuring. Reports indicate the deal covers roughly €163 million owed to Belgium’s export credit agency.

The bilateral agreement reduces near-term external debt-service obligations and improves Ghana’s debt trajectory conditionally: the fiscal relief depends on full implementation of the IMF programme, continued bilateral OCC settlements and strong domestic budget execution. If sustained, it lowers rollover risk for Ghana’s external curve and creates fiscal space to prioritise development spending, but does not automatically reset market marks or pricing.

Completion of remaining OCC bilateral restructurings or the IMF programme review confirming debt-sustainability progress.