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Ghana in Dispute with Afreximbank over $768.4mn Liability
May 20, 2025
Ghana is in a dispute with the African Export-Import Bank (Afreximbank) over a $768.4mn liability. Ghana’s finance ministry stated that this debt must be treated similarly to other debts being restructured, including bilateral loans with China and $13bn in eurobonds. However, Afreximbank argued that it has a preferred creditor status, similar to the IMF and the World bank, implying that Ghana cannot force it to take losses. Analysts noted that imposing losses on Afreximbank would ultimately increase the cost of development financing for other nations who already have higher borrowing costs. They added that the situation could establish a precedent for how Afreximbank and similar lenders are treated in other restructurings, such as Zambia’s, and may prolong Ghana’s debt workout.
Ghana’s 5% 2029s traded stable at 89.72, yielding 10.19%.
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