Accra: The International Monetary Fund (IMF) has acknowledged Ghana's resolution of issues concerning the US$750 million facility with the African Export-Import Bank (Afreximbank) as a pivotal development in advancing the nation's debt restructuring efforts.
According to Ghana News Agency, Ms Julie Kozack, Director of the IMF's Communications Department, emphasized the importance of the agreement reached with Afreximbank in December 2025, highlighting it as a significant step toward completing Ghana's debt restructuring. Responding to queries, Ms Kozack remarked that the agreement aligns with the comparability of treatment under the Official Creditor Committee's framework and supports the goals of the IMF-backed programme.
While the joint statement from Ghana's Ministry of Finance and Afreximbank did not disclose specifics of the agreement, it confirmed that both parties were satisfied with the resolution. Earlier in 2025, the inclusion of Afreximbank's exposure in a wider commercial debt restructuring plan faced challenges due to the Bank's assertion of 'preferred creditor status.' However, the December 2025 announcement indicated a more flexible position by Afreximbank, allowing continued collaboration with Ghana on its development initiatives.
On July 20, 2022, Ghana's Parliament approved the Loan Facility Agreement with Afreximbank, part of the country's International Capital Market Programme (ICMP) aimed at financing vital infrastructure projects across sectors such as roads, energy, railways, and health. The facility was also intended to bolster the Bank of Ghana's foreign exchange reserves, support 2022 Budget revenue projections, and assist in liability management.
This agreement with Afreximbank is integral to Ghana's broader debt restructuring within the ongoing US$3 billion IMF-supported programme, following the country's 2022 default on a substantial portion of its external debt due to increasing debt-servicing costs. In January 2025, Ghana formalized a memorandum of understanding with its creditors, having suspended parts of its external debt servicing to commercial and bilateral lenders amid the economic crisis in December 2022.