A senior member of the United States Senate Committee on Foreign Relations, Senator James E. Risch, has revealed that Ghana owes $251 million to American companies.
Raising concerns about Ghana’s potential US$3 billion loan from the International Monetary Fund (IMF), Senator Risch emphasized the country’s unpaid debts to U.S. businesses.
“It is my understanding that the government of Ghana owes approximately $251 million in outstanding payments to American companies. These unpaid debts place substantial financial strain on U.S. businesses in Ghana and jeopardize their operations and investments,” he stated.
A copy of the Senator’s letter, addressed to U.S. Secretary of State Antony Blinken, U.S. Executive Director of the IMF Elizabeth Shortino, and DFC CEO Scott Nathan, outlined concerns about the anticipated disbursements under Ghana’s Extended Credit Facility program.
He argued that such funds fail to address Ghana’s debts to U.S. entities and set a harmful precedent for other sovereign borrowers while negatively impacting U.S. companies.
Two companies reportedly affected by the unpaid debts, Twin City Energy and Chubb, have echoed Senator Risch’s concerns. Their investments, backed by the U.S. International Development Finance Corporation (DFC), face challenges as Ghana continues to neglect its obligations.
In a separate letter to U.S. Treasury Secretary Janet Yellen, Senator Risch urged leveraging the U.S.’s position as the largest IMF shareholder to press Ghana for a concrete repayment plan.
“I urge you to direct our executive director at the IMF to make clear that U.S. support for further IMF assistance to Ghana will depend on a good-faith effort to establish a concrete and enforceable repayment plan for the remaining outstanding arrears,” he wrote.
Senator Risch noted that resolving these debts would significantly influence the relationship between Ghana and the United States.
