Senator James E. Risch urges Treasury Secretary Janet Yellen to use the U.S.’s IMF position to push Ghana to repay its debts to American companies, making it a condition for future U.S. support for IMF loans to Ghana.
Senator Risch urges Treasury Secretary Janet Yellen to address Ghana’s $251 million debt to U.S. companies, including Twin City Energy and Kosmos Energy, before approving a $3 billion IMF loan to Ghana.
Senator Risch warns that Ghana’s arrears to U.S. companies, including DFC-backed investments, could set a harmful precedent for sovereign borrowers and impact U.S. taxpayer-funded projects.
Urging Secretary Yellen to leverage the United States’ position as the IMF’s largest shareholder, Senator Risch maintained that U.S. support for further IMF assistance to Ghana be made contingent upon the Ghanaian government’s commitment to repaying its debts to American entities. The proposed repayment plan, according to Senator Risch, should include transparent auditing, reporting, and enforcement mechanisms to ensure compliance.
He also suggested that portions of the IMF disbursement be allocated specifically to clear debts owed to American companies. Senator Risch warned that proceeding with IMF disbursements without addressing Ghana’s debt obligations could undermine constructive U.S. engagement with Ghana and deepen Ghana’s reliance on international financial assistance.
Senator Risch urges U.S. officials, including Antony Blinken and IMF leaders, to prioritize resolving Ghana’s debts and link future U.S. support to fiscal responsibility and fair treatment of American interests. This comes ahead of the IMF Board’s review of Ghana’s Third Programme under the Extended Credit Facility.
