Ghana’s financial engagements have received a boost following confirmation from the Ministry of Finance that outstanding concerns surrounding Afreximbank’s $750 million facility have been settled.

In a joint statement posted on Facebook, the Ministry of Finance said matters connected to the $750 million facilities signed in 2022 had been addressed, “with satisfaction of both parties enabling both parties to continue to partner for Ghana’s development agenda.”

Background

Parliament gave the green light to the Loan Facility Agreement between the Government of Ghana, represented by the Ministry of Finance, and the African Export-Import Bank (Afreximbank) on July 20, 2022, during its 31st sitting of the Second Meeting of the Second Session.

The move came as Ghana faced challenges securing funds from the capital market, following downgrades by all major ratings agencies.

The facility was released in three tranches—two in US dollars and one in euros—amounting to US$187 million, €193 million, and US$332 million.

The government is set to enjoy a three-year grace period for repayment. The US$187 million and €193 million tranches carry a seven-year tenor, while the US$332 million tranche has a ten-year tenor.

Sources indicate that the government executed the facility agreement in August, meeting all conditions for disbursement.

The utilisation request was signed that same month, and SWIFT confirmation of the successful transfer of funds into designated Bank of Ghana accounts was received on August 25, 2022.

Disagreements and concerns

The Government of Ghana’s move to include Afreximbank’s debts in a wider commercial debt restructuring plan, prompted by its IMF-supported bailout, was met with resistance from Afreximbank.

The bank contended that its debts should be treated similarly to Ghana’s obligations to the IMF and the World Bank.

Ghana, however, maintained that Afreximbank is not a multilateral institution and therefore should not be exempt from the restructuring. Afreximbank countered, asserting that it qualifies as a multilateral institution and should be protected from debt reductions.

This disagreement played a role in Fitch’s downgrade of Afreximbank’s credit rating in June 2025 to just above junk status, citing the uncertainty arising from the debt situations of both Ghana and Zambia.

Nevertheless, government officials, speaking at a meeting in Abuja, informed JOYBUSINESS that progress had been made toward settling the dispute.

The joint statement, however, did not disclose the specific terms of the resolution reached between Ghana and Afreximbank.

In October, Government has announced its fifth bilateral restructuring agreement with the Kingdom of Spain as the latest.

This was announced by the Finance Minister Cassiel Ato Forson on Wednesday October 8 after signing the agreement with Spain’s Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo.

“On behalf of the Republic of Ghana, I signed a Bilateral Debt Restructuring Agreement with the Kingdom of Spain, represented by their Ambassador to Ghana, H.E. Ángel Lossada Torres-Quevedo. To date, we have concluded five bilateral restructuring agreements with France, Finland, the United Kingdom, China EXIM Bank, and now Spain, “ He shared on his X page.

Adding that this signing marks another important milestone in Ghana’s debt restructuring journey.

Mr Ato Forson is optimistic that Ghana will complete the process and close this challenging chapter in our economic management history by the end of this year, considering valuable lessons learnt from this experience.

He said, government is determined to maintain sound fiscal discipline and never again “allow ourselves to reach such unsustainable levels of debt.”

“I remain confident that the measures we are implementing will safeguard our recovery and strengthen Ghana’s resilience,” Ato Forson expressed.

On behalf of the Government and people of Ghana, Ato Forson expressed deep appreciation to Spain for their cooperation, understanding, and unwavering support throughout this process.

Meanwhile, the government formally signed a bilateral debt restructuring agreement with the United Kingdom (UK) as part of efforts with the External Creditor Committee to unlock funds for 'The Big Push' initiative and other government programs.

Taking to the X platform on Wednesday, September 24, the Finance Minister Dr. Cassiel Ato Forson revealed that the US$256 million deal signed between the two countries is a key step in managing Ghana's debt better.“On behalf of the Republic of Ghana, I signed a Bilateral Debt Restructuring Agreement with the United Kingdom, represented by His Majesty’s Trade Commissioner for Africa, Mr. John Humphrey. The agreement covers about US$256 million and represents another important step in Ghana’s debt restructuring efforts,” he wrote.

According to the Finance Minister, the UK’s participation will motivate other lenders to act fast and finalize their part of the debt restructuring.