U.S. Senator Demands Ghana Pay $251 Million Debt Before Receiving IMF Aid

A U.S. Senator is calling on the U.S. Treasury to use its influence at the International Monetary Fund (IMF) to ensure Ghana settles its debts to American companies before receiving further IMF assistance.

Senator James E. Risch, the Ranking Member of the Senate Foreign Relations Committee, made this demand in a letter addressed to U.S.

Treasury Secretary Janet Yellen, urging her to leverage the U.S.’s position as the IMF’s largest shareholder.

Senator Risch raised concerns over Ghana’s significant outstanding debt of approximately $251 million owed to several American businesses. These include companies such as Twin City Energy, American Tower Company, GSM, Chubb, Kosmos Energy, and Zipline.

The senator argued that these unpaid debts have caused severe financial strain on U.S. companies operating in Ghana, jeopardizing their investments and operations in the country.

In the letter, Risch expressed apprehension that the IMF’s potential approval of a $3 billion Extended Credit Facility (ECF) for Ghana could move forward without addressing these arrears.

He warned that this could create a dangerous precedent for other countries seeking IMF assistance while neglecting their obligations to U.S. businesses.

Notably, two of the companies, Twin City Energy and Chubb, have investments backed by the U.S. International Development Finance Corporation (DFC), meaning these debts also affect U.S. taxpayers.

The senator’s letter urged Secretary Yellen to ensure that U.S. support for further IMF loans to Ghana be contingent upon a concrete and enforceable repayment plan for the debts owed to American companies.

This plan, Risch suggested, should include transparent auditing, reporting, and enforcement measures to guarantee compliance.

As the IMF prepares to review Ghana’s Third Programme under the Extended Credit Facility later this month, Senator Risch warned that proceeding without addressing Ghana’s debt obligations could undermine future U.S.-Ghana relations and deepen Ghana’s reliance on international financial aid.