Deputy Minister of Finance, Thomas Nyarko Ampem, has indicated that Ghana is making some progress regarding debt restructuring concerns raised by the African Export and Import Bank (Afreximbank).
“We are talking and that’s the assurance that I can give when it comes to an update on the issue,” he said in an exclusive interview with Joy Business following the Afreximbank shareholders meeting in Abuja, Nigeria. The meeting concluded with the election of George Elombi as the new President and Chairman of the institution.
He added, “I also don’t think that media exchanges will help us for now, when it comes to all the issues raised.”
The Deputy Minister confirmed that the government remains engaged with relevant stakeholders to resolve outstanding issues, saying “very soon we will leave you know what is happening.”
In July 2022, Afreximbank extended US$750 million to Ghana to support capital projects under the 2022 Budget, including the Ofankor-Nsawam Road Project. This funding formed part of a broader effort to raise US$1.0 billion amid challenges in the capital market due to credit rating downgrades and post-COVID recovery pressures.
Ghana is currently at odds with Afreximbank over the inclusion of its debt in the government’s broader commercial debt restructuring plan. Ghana maintains that, in line with an agreement with the IMF and World Bank-backed official creditor committee, Afreximbank does not qualify as a multilateral institution and thus should not be exempt from the restructuring process.
However, Afreximbank insists it operates as a multilateral lender and should therefore be excluded from any restructuring terms. The disagreement has contributed to Fitch Ratings downgrading Afreximbank’s credit status to one notch above junk on June 4, 2025, with a negative outlook.
JP Morgan analysts have also flagged public statements from Ghana and Zambia about plans to restructure Afreximbank debt as contributing factors to the downgrade.
Government sources at the Afreximbank Annual Meetings disclosed to Joy Business that notable progress has been made during recent discussions in Abuja. A closed-door meeting reportedly focused on advancing dialogue and resolving the impasse.
Despite this, concerns remain over the potential impact on Ghana’s broader debt restructuring programe if the Ministry of Finance concedes to Afreximbank’s demands.
Over the years, Afreximbank has supported several projects in Ghana, with an investment portfolio exceeding US$2.0 billion.
