Ghana and Afreximbank Announce Resolution of $750million Facility Issues

The Ministry of Finance has announced the successful resolution of a $ 750 million facility between Ghana and the African Export-Import Bank (Afreximbank).

In a joint statement, both said the issues surrounding the facility signed in 2022 had been resolved to the satisfaction of both parties.

This, it said, will enable both parties to continue to partner for Ghana’s development agenda.

Friction erupted between the two when the Government of decided to include Afreximbank’s debts in a broader commercial debt restructuring plan following the IMF-backed bailout.

Afreximbank kicked against the move, as it demanded that its debts be treated in the same way as Ghana’s obligations to the IMF and World Bank.

The position of Ghana at the time was that Afreximbank is not a multilateral institution and should therefore not be excluded from the restructuring.

Story by Hajara Fuseini

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