The International Monetary Fund (IMF) has described Ghana’s resolution of issues surrounding the $750 million facility with the African Export-Import Bank (Afreximbank) as a major boost towards the completion of the country’s debt restructuring programme.
“This marks a crucial step toward completing Ghana’s debt restructuring,” Director of the IMF’s Communications Department, Ms Julie Kozack, said while welcoming the agreement in principle reached between Ghana and Afreximbank in December 2025.
Responding to questions on the development, she noted that the agreement was consistent with the principle of comparability of treatment under the framework of the Official Creditor Committee (OCC) and aligned with the objectives and parameters of Ghana’s IMF-supported programme.
Although a joint statement issued by the Ministry of Finance and Afreximbank did not disclose the specific terms of the agreement, it indicated that the outstanding issues had been resolved to the satisfaction of both parties.
Earlier in 2025, the government’s decision to include Afreximbank’s exposure in a broader commercial debt restructuring plan had been contested, following the Bank’s assertion of a preferred creditor status. However, the December 2025 announcement signalled a softened stance by Afreximbank, paving the way for continued collaboration with Ghana on its development agenda.
The US$750 million facility was approved by Parliament on July 20, 2022, during the 31st sitting of the Second Meeting of the Second Session. The loan agreement, signed between the Government of Ghana through the Ministry of Finance and Afreximbank, formed part of the government’s International Capital Market Programme.
The facility was intended to support the financing of critical infrastructure projects in sectors such as roads, energy, railways and health, while also providing foreign exchange to strengthen the reserves of the Bank of Ghana, support revenue projections in the 2022 Budget and assist in liability management.
The Afreximbank agreement is a key component of Ghana’s broader debt restructuring efforts under the ongoing US$3 billion IMF-supported programme, following the country’s default on a significant portion of its external debt in 2022 amid escalating 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 economic crisis in December 2022.
Source: GNA