The Government of Ghana and the African Export-Import Bank (Afreximbank) have announced a successful resolution of differences over a major loan facility that had been the subject of months of negotiation and uncertainty. The agreement, announced on December 25, 2025, brings closure to disagreements surrounding a roughly $750 million financing arrangement originally signed in 2022. 
The Ministry of Finance and Afreximbank issued a joint statement saying that both parties were satisfied with the outcome, allowing them to move forward in partnership on Ghana’s development agenda. The resolution clears the way for continued cooperation between the government and the Cairo-based financial institution. 
At the centre of the dispute was how the loan should be treated within Ghana’s broader debt restructuring programme. After Ghana entered a restructuring process to manage its heavy debt burden following its 2022 default, the government included the Afreximbank facility in its commercial debt envelope. This classification meant the loan would be subject to similar adjustments as other commercial obligations, such as eurobonds and bilateral loans restructured under the government’s debt programme. 
Afreximbank, however, initially resisted this treatment, arguing that it should be regarded as a preferred creditor akin to institutions like the International Monetary Fund or World Bank. Preferred creditor status typically protects lenders from taking losses or haircuts in a sovereign debt workout. The difference in how the loan should be classified strained relations and generated market concern in mid-2025 about possible credit rating impacts for the bank. 
Finance Minister Dr. Cassiel Ato Forson highlighted that resolving the issue “to the satisfaction of both parties” strengthens confidence in Ghana’s debt-management strategy and signals constructive engagement with key creditors. He emphasised that the agreement reflects Ghana’s commitment to honouring its financial obligations while managing limited fiscal space responsibly. 
Observers noted that the resolution helps defuse tensions that had implications beyond Ghana. How regional lenders like Afreximbank are treated in sovereign restructurings has been a point of debate among emerging market economies, with repercussions for creditor negotiations in other African states facing debt stress. 
With this dispute behind them, Ghana and Afreximbank can now focus on future financing collaborations to support economic growth priorities, including infrastructure development, trade financing, and balance-of-payments support, areas the original facility intended to assist when it was approved by Parliament in 2022. 
The government’s debt restructuring effort remains ongoing, but the successful resolution with Afreximbank represents a significant milestone in stabilising sovereign finances and restoring investor confidence. 
