Ghana and the African Export-Import Bank (Afreximbank) have resolved a three-year dispute over a $750 million loan facility, the Ministry of Finance announced on December 25, 2025. The agreement ends a protracted standoff and opens the door for continued collaboration on the country’s development agenda.
The loan was approved by Parliament on July 20, 2022, when Ghana had lost access to international capital markets following multiple credit rating downgrades. It was disbursed in August 2022 in three tranches totaling $750 million: $187 million, €193 million, and $332 million, intended to support balance of payments and trade finance needs.
The dispute arose during Ghana’s debt restructuring program covering $13 billion in eurobonds and Chinese bilateral loans. The government initially argued that Afreximbank should be treated as a commercial creditor and take losses, while the bank cited its preferred creditor status under its 1993 founding treaty, similar to the IMF and World Bank, shielding it from restructuring.
Finance Minister Dr. Cassiel Ato Forson noted during negotiations that “we do not believe that their debt is senior to any other restructurable debt. The Afrexim debt is part of our restructurable envelope.”
The dispute affected wider financial confidence. In June 2025, Fitch Ratings downgraded Afreximbank from BBB to BBB-, citing exposure to Ghana and Zambia amid ongoing disagreements.
The Ministry of Finance described the settlement as a key step in restoring external confidence, emphasizing that the strategic relationship with Afreximbank remains intact. The terms of the agreement, including whether Afreximbank accepted losses, were not disclosed.
