Afreximbank Said to Have Taken Losses on $750 Million Ghana Loan

The African Export-Import Bank will incur losses on a $750 million loan to Ghana following the resolution of a dispute over the facility, according to people with direct knowledge of the matter.

The standoff began when Ghana moved to restructure its debt following a 2022 default. The country negotiated more favorable terms on its eurobonds, bilateral loans and more than 200 billion cedis ($18 billion) of domestic debt. Ghana also sought to rework the Afreximbank loan, but the multilateral lender initially argued that its preferred creditor status meant it shouldn’t have to accept losses.