Senator James E. Risch, Ranking Member of the United States Senate Committee on Foreign Relations, has asked Treasury Secretary Janet Yellen to use the country’s influence as the IMF’s largest shareholder to ensure Ghana repays its debts to American entities. Apexnewsgh reports
This repayment will be a precondition for U.S. support for further IMF assistance to Ghana.
Senator Risch expressed concerns about Ghana’s potential $3 billion IMF loan, citing significant unpaid debts owed to American companies, including Twin City Energy, American Tower Company, and Kosmos Energy. These debts, totaling approximately $251 million, have placed a severe financial burden on these companies and threaten their operations in Ghana.
The senator 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.
He emphasized that two of the affected companies have investments backed by the U.S. International Development Finance Corporation (DFC), meaning Ghana’s arrears affect not only private businesses but also investments financed by U.S. taxpayers.
Senator Risch urged Secretary Yellen to direct the U.S. 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. The proposed plan should include transparent auditing, reporting, and enforcement mechanisms to ensure compliance.
The IMF Board of Directors is set to review Ghana’s Third Programme under the Extended Credit Facility later this month. Senator Risch’s letter, copied to Secretary of State Antony Blinken and other key officials, highlights the urgency of resolving Ghana’s outstanding debts and ensuring responsible fiscal practices.
Source: Apexnewsgh.com