Ghana: IMF says Afreximbank agreement strengthens Ghana’s path to completing debt restructuring

The International Monetary Fund (IMF) has described Ghana’s resolution of outstanding issues linked to a US$750 million facility from the African Export-Import Bank (Afreximbank) as a major step toward concluding the country’s debt restructuring process.

Julie Kozack, Director of the IMF’s Communications Department, welcomed the agreement in principle reached with Afreximbank in December 2025, noting that it significantly advances Ghana’s restructuring efforts. “This marks a crucial step toward completing Ghana’s debt restructuring,” she said.

Addressing questions on the development, Kozack explained that the agreement aligns with the principle of comparability of treatment under the Official Creditor Committee framework and is consistent with the objectives and parameters of Ghana’s IMF-supported programme.

While a joint statement issued by Ghana’s Ministry of Finance and Afreximbank did not disclose the specific terms of the deal, it confirmed that all outstanding issues were resolved to the satisfaction of both parties.

Earlier in 2025, Ghana’s decision to include Afreximbank’s exposure in its wider commercial debt restructuring plan had drawn objections, as the bank asserted a preferred creditor status. However, the December 2025 announcement indicated a more flexible position by Afreximbank, paving the way for continued collaboration with Ghana on its development priorities.

The Afreximbank facility was approved by Ghana’s Parliament on July 20, 2022, as part of the government’s International Capital Market Programme. The financing was intended to support critical infrastructure projects across roads, energy, railways and health, while also providing foreign exchange to strengthen the reserves of the Bank of Ghana. In addition, the facility was designed to support revenue projections in the 2022 budget and assist with liability management.

The agreement forms part of Ghana’s broader debt restructuring under a US$3 billion IMF-supported programme, initiated after the country defaulted on a significant portion of its external debt in 2022 amid rising debt-servicing costs.

In January 2025, Ghana signed a memorandum of understanding with its creditors following the suspension of portions of its external debt servicing to commercial and bilateral lenders during the economic crisis that intensified in December 2022.