The Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has urged the Ministry of Finance to find common ground and adopt reasonable means of resolving the current impasse with the African Export-Import Bank (Afreximbank).
His call comes amid growing tensions between Ghana and Afreximbank over the restructuring of a US$768.4 million loan facility. The disagreement centers on whether the loan should be treated as a commercial debt or enjoy the preferential status typically accorded to multilateral lenders.
Ghana, having recently undergone a rigorous debt restructuring process, is seeking to include the Afreximbank facility under the same treatment as other restructured debts—such as bilateral loans from China and US$13 billion worth of Eurobonds. The Finance Ministry contends that Afreximbank’s loan is part of the country’s restructurable debt envelope and does not enjoy preferred creditor status.
Speaking to the press at Parliament House, Mr. Boamah—who previously chaired Parliament’s Finance Committee—emphasized the importance of dialogue and mutual respect. “I call on the Minister of Finance to approach this matter thoughtfully. Afreximbank has supported us in various ways over the years, and it is crucial to resolve any disagreements through sound and reasonable means,” he said.
The MP explained that the core issue is whether the government classifies the Afreximbank facility as a commercial loan or as funding from a multilateral institution. “Loans from institutions like the World Bank and IMF are exempt from the debt restructuring process, as per the Official Creditor Committee’s guidelines. Including Afreximbank’s facility in the restructuring would mean treating it as a commercial loan, which disqualifies it from the exemptions granted to multilateral institutions,” he noted.
Afreximbank, headquartered in Cairo, insists that it holds preferred creditor status—a designation normally reserved for global institutions like the IMF and World Bank—allowing it to avoid losses during debt restructurings. This would mean that their loans are repaid in full and are not subject to the same terms as other commercial or bilateral debts.
However, Finance Minister Dr. Cassiel Ato Forson maintains that the Ghanaian government does not recognize Afreximbank as having such status. “We do not see Afreximbank’s debt as senior to other restructurable debts. It is part of our overall restructuring envelope,” he stated.
The standoff, if unresolved, risks delaying Ghana’s broader debt resolution efforts, which began following the country’s default in December 2022. More significantly, it could set a precedent for how regional lenders such as Afreximbank are treated in future debt negotiations across Africa, including in countries like Zambia, Kenya, and Ethiopia. Meanwhile, Mr. Boamah also commented on other national matters. He expressed the Minority’s willingness to cooperate with the Majority during the vetting process for Supreme Court nominees.
On criticisms regarding his absence during the Minority’s solidarity walk to the offices of EOCO and the National Intelligence Bureau in support of Ashanti Regional NPP Chairman, Bernard Antwi Boasiako (Chairman Wontumi), Mr. Boamah clarified that his absence was not intentional. “We had a caucus meeting that day, and the decision to go to EOCO was not discussed. That decision was likely taken on the floor when most of us were not present. So, why single me out? Perhaps someone has a personal issue with me—but that’s politics for you,” he said.
Touching on international affairs, the MP appealed to Iran and Israel to return to the negotiating table to de-escalate tensions and allow global markets to stabilize. “For economies like ours to recover, we need stable fuel prices and predictable supply. Developing nations like Ghana often bear the brunt of global conflicts. We’re trying to move from crawling to walking and eventually running—and global peace is critical to that journey,” he concluded.
