The International Monetary Fund (IMF) has welcomed Ghana’s agreement with the African Export-Import Bank (Afreximbank) over a US$750 million financing facility, describing it as a significant breakthrough in the country’s debt restructuring process.
Speaking on the development, the Director of the IMF’s Communications Department, Ms Julie Kozack, said the resolution of outstanding issues surrounding the facility represents an important step toward finalising Ghana’s broader debt programme.
“This marks a crucial step toward completing Ghana’s debt restructuring,” Ms Kozack stated, while acknowledging the agreement in principle reached between Ghana and Afreximbank in December 2025.
Alignment With IMF Programme
According to the IMF, the agreement is consistent with the principle of comparability of treatment under the framework of the Official Creditor Committee (OCC) and aligns with the objectives and conditions of Ghana’s IMF-supported economic programme.
While a joint statement issued by the Ministry of Finance and Afreximbank did not provide details of the revised terms, both parties confirmed that all outstanding concerns had been resolved to their mutual satisfaction.
Background to the Dispute
Earlier in 2025, tensions emerged after the Government of Ghana included Afreximbank’s exposure in its commercial debt restructuring strategy. Afreximbank had challenged the move, citing its preferred creditor status. However, the December 2025 agreement signalled a more flexible position by the bank, clearing the way for continued cooperation with Ghana.
About the US$750 Million Facility
The US$750 million loan facility was approved by Parliament on July 20, 2022, and signed between the Ministry of Finance and Afreximbank under Ghana’s International Capital Market Programme. The facility was designed to:
• Finance critical infrastructure projects in sectors such as roads, energy, railways, and health
• Provide foreign exchange support to bolster the Bank of Ghana’s reserves
• Support revenue projections in the 2022 national budget
• Assist with liability management during a period of fiscal strain
Debt Restructuring Context
The Afreximbank agreement forms part of Ghana’s wider debt restructuring under a US$3 billion IMF-supported programme, following the country’s default on a large portion of its external debt in 2022 due to rising debt-servicing costs.
In January 2025, Ghana signed a memorandum of understanding with its creditors after suspending parts of its external debt servicing to commercial and bilateral lenders during the height of the economic crisis in December 2022.
The IMF’s endorsement of the Ghana–Afreximbank agreement is seen as a positive signal for investors and creditors, strengthening confidence in Ghana’s efforts to restore debt sustainability and stabilize the economy while continuing engagement with key development partners.
Source: Africa Publicity
