Julie Kozack is the Director of the IMF’s Communications Department
The International Monetary Fund (IMF) says Ghana’s resolution of issues surrounding the US$750 million facility with the African Export-Import Bank (Afreximbank) is a significant boost towards completing the country’s debt restructuring.
“This marks a crucial step toward completing Ghana’s debt restructuring,” Ms Julie Kozack, Director of the IMF’s Communications Department, said, welcoming the agreement in principle reached with Afreximbank in December 2025.
Responding to questions on the agreement, she said it was consistent with the comparability of treatment under the framework of the Official Creditor Committee (OCC) and aligned with the objectives and parameters of the IMF-supported programme.
Although a joint statement issued by the Ministry of Finance and Afreximbank did not provide details of the agreement, it noted that the issues were 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 challenged, owing to the bank’s claim of “preferred creditor status.”
However, the December 2025 announcement signalled a softened stance by Afreximbank, with the new agreement expected to enable the bank to continue partnering with Ghana in its development agenda.
On July 20, 2022, Parliament, at its 31st sitting of the Second Meeting of the Second Session, approved by resolution the Loan Facility Agreement between the Government of Ghana, represented by the Ministry of Finance, and Afreximbank.
The facility formed part of the government’s International Capital Market Programme (ICMP) to raise funds for critical infrastructure projects in roads, energy, railways, and health.
It was also intended to provide foreign exchange to shore up the reserves of the Bank of Ghana (BoG), support revenue projections in the 2022 Budget, and aid liability management.
The agreement with Afreximbank forms part of Ghana’s broader debt restructuring under the ongoing 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 portions of its external debt servicing to commercial and bilateral lenders during the economic crisis in December 2022.
