Zambia Joins Ghana in Asserting Afreximbank Debt-Rework Plan

Zambia will restructure its debt with regional lenders including the African Export-Import Bank and remain in default on those payments until it completes the process, Finance Minister Situmbeko Musokotwane said.

Its stance — similar to Ghana’s, which is overhauling its own loans — is at odds with Afreximbank’s position that its “preferred-creditor status” means it shouldn’t have to absorb losses like other commercial lenders. The dispute may set a precedent for how Afreximbank and similar lenders on the continent have their debt treated in other restructurings.