Former President Nana Addo Dankwa Akufo-Addo has praised the African Export-Import Bank (Afreximbank) as a critical pillar in Ghana’s economic survival during the global financial fallout caused by the COVID-19 pandemic. He recalled that when international financial markets shut their doors and traditional allies distanced themselves, it was Afreximbank that came to Ghana’s aid.
Speaking during a high-level session at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria—an event that brought together current and former African heads of state—Akufo-Addo recounted the dire circumstances Ghana faced in 2022 and the pivotal role played by the bank under the leadership of its outgoing president, Professor Benedict Oramah.
“At a time when no one would help us—when the markets were closed, and even friendly nations turned their backs—Afreximbank and Professor Oramah came to our rescue,” he said. “They gave Ghana $750 million in 2022, and that money helped keep our economy afloat.”
The $750 million facility formed part of a broader $1 billion fundraising effort to support Ghana’s capital expenditure needs and stabilise the cedi amidst mounting fiscal pressures. Projects funded included key infrastructure like the Ofankor-Nsawam Road. The Afreximbank support helped close critical financing gaps triggered by the pandemic’s economic disruption and subsequent sovereign credit rating downgrades.
Beyond this COVID-era intervention, Afreximbank has extended over $2 billion in support to Ghana over the years. This includes foreign exchange liquidity support, syndicated loans to the Ghana Cocoa Board (COCOBOD), and financing for the Volta River Authority during the 2014 energy crisis.
Despite this enduring partnership, recent relations between Ghana and the bank have become strained. As part of Ghana’s IMF-backed economic recovery programme, the government included debts owed to Afreximbank in its broader commercial debt restructuring plan. This has sparked a dispute, as Ghana insists Afreximbank does not qualify as a multilateral institution and therefore should not be exempt from restructuring.
Afreximbank disagrees, maintaining that it meets the multilateral criteria and should be excluded from any debt haircuts. The disagreement has had wider repercussions: Fitch Ratings recently downgraded Afreximbank’s credit rating, citing uncertainty caused by Ghana and Zambia’s treatment of the bank in their debt workouts.
Nonetheless, Ghanaian officials attending the Abuja meetings told JoyBusiness that discussions are progressing positively and both sides remain hopeful of a resolution.
In a broader reflection on global finance, Akufo-Addo criticised the double standards of international ratings agencies, arguing that African countries are penalised unfairly.
“We are being asked to pay unjustified risk premiums because we are African,” he said. “Countries in similar conditions elsewhere get better ratings.”
He called for the establishment of an African-owned credit ratings agency to reflect the continent’s unique socio-economic dynamics and reduce reliance on institutions that often misunderstand or misrepresent African economies.
The former president went further to advocate for greater financial independence and the strengthening of Africa’s own institutions. He reiterated a proposal he first made at the African Union: that member states allocate at least 30% of their sovereign reserves to African multilateral institutions such as Afreximbank.
“These funds are lying idle with foreign entities earning zero interest while our countries scramble for loans,” Akufo-Addo noted. “Let’s build more institutions like Afreximbank—because when the world turns its back, they stand with us.”
He concluded by urging African leaders to take control of their development narratives by strengthening regional financial institutions, investing in African capacity, and asserting the continent’s financial sovereignty.
