This comes after rumors that Ghana's new finance minister is seeking more IMF assistance to address the country's deteriorating economic conditions.
Several American corporations, including Twin City Energy, American Tower Company, GSM, Chubb, Kosmos Energy, and Zipline, are due an estimated $251 million in debt.
In a post on X, the Senator stated that after multiple attempts by these corporations to reclaim their monies, the debts are still due.
He stated, "Ghana must prioritize repaying debts to American companies before seeking additional IMF funding." The previous administration consistently failed to satisfy its debt obligations.
The senator was concerned about Ghana's failure to meet financial obligations and criticized the lack of movement in resolving the issue.
He contended that awarding Ghana extra IMF assistance without resolving these debts would harm US firms overseas and establish a terrible precedent for other nations facing similar debt concerns.
Ghana's economy has been under significant duress, resulting in a financial crisis that forced the government to halt foreign debt payments in December 2022.
The IMF loan was intended to help Ghana implement reforms such as debt restructuring, budget deficit reduction, and revenue creation. However, the cash will be disbursed based on the government's ability to accomplish reform objectives and address outstanding financial commitments, including those owing to American enterprises.
This new requirement from the US complicates Ghana's economic recovery efforts. Pressure to repay American corporations may have an influence on the country's discussions with the IMF and other foreign creditors.
Resolving these debt concerns will be critical to keeping access to foreign financial help, as the next finance minister contemplates seeking extra IMF assistance.
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