Ghana Faces Debt Dispute with Afreximbank Over $768M

Ghana is embroiled in a financial dispute with the African Export-Import Bank (Afreximbank) over a $768.4 million debt, as reported on May 20, 2025. 

Following a challenging debt restructuring process, Ghana’s finance ministry insists that Afreximbank, one of its largest commercial creditors, must accept losses comparable to those imposed on other creditors, including bilateral loans with China and $13 billion in eurobonds. 

However, Afreximbank claims preferred creditor status, arguing that its member states, including Ghana, cannot force it to take losses. 

This standoff complicates Ghana’s efforts to stabilize its economy after years of fiscal strain, including a severe economic crisis in 2022 marked by surging inflation and rising prices.

The dispute highlights the complexities of Ghana’s debt restructuring, which has been a cornerstone of its economic recovery strategy. 

The finance ministry’s push for equitable treatment of all creditors aims to ensure fairness and sustainability, but Afreximbank’s resistance could delay progress. 

Ghana’s economy, heavily reliant on exports like gold and cocoa, faces additional pressure from external factors, such as new U.S. tariffs on Ghanaian goods announced recently. 

Finance Minister Dr. Amin Adam noted that retaliatory tariffs would harm Ghana more, given its dependence on imported goods, which could reduce disposable income and tax revenue. 

The Afreximbank dispute underscores the need for diplomatic negotiations to balance creditor obligations with national interests. 

As Ghana navigates this challenge, the outcome will likely influence investor confidence and the nation’s ability to secure future financing, with implications for its long-term economic stability.