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

Speaking on the matter, the IMF’s Director of Communications, Julie Kozack, welcomed the agreement in principle reached with Afreximbank in December 2025, noting that it represents important progress in Ghana’s ongoing debt treatment efforts.

“This marks a crucial step toward completing Ghana’s debt restructuring,” she said, adding that the agreement is consistent with the comparability of treatment principle under the Official Creditor Committee (OCC) framework 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 disclose specific details of the agreement, it indicated that the issues were resolved “to the satisfaction of both parties.”

Earlier in 2025, Ghana’s inclusion of Afreximbank’s exposure in a wider commercial debt restructuring plan had sparked debate, as the bank asserted a claim to preferred creditor status. The December 2025 agreement, however, signalled a more flexible position by Afreximbank and is expected to pave the way for continued collaboration between the bank and Ghana in advancing the country’s development agenda.

The US$750 million facility was approved by Parliament on July 20, 2022, during the 31st sitting of the Second Meeting of the Second Session. The Loan Facility Agreement, signed between the Government of Ghana—represented by the Ministry of Finance—and Afreximbank, formed part of the government’s International Capital Market Programme.

The funds were intended to support critical infrastructure projects in sectors such as roads, energy, railways and health, while also providing foreign exchange to strengthen the reserves of the Bank of Ghana, support revenue projections in the 2022 Budget, and assist with liability management.

The Afreximbank agreement is a key component of Ghana’s broader debt restructuring efforts under the ongoing US$3 billion IMF-supported programme. These efforts followed Ghana’s default on a significant portion of its external debt in 2022, triggered by escalating debt-servicing costs.

In January 2025, Ghana signed a memorandum of understanding with its creditors after suspending parts of its external debt servicing to both commercial and bilateral lenders during the economic crisis that emerged in December 2022.