Ghana owes American companies almost $251 million; use IMF funds to settle debts – US Senator

A Ranking Member of the United States Senate Committee on Foreign Relations, Senator James E. Risch, has noted that Ghana owes American companies approximately $251 million.

He added that the repayment of these debts will significantly influence the future relationship between the two countries.

Senator Risch urged Treasury Secretary Janet Yellen to leverage America’s position as the IMF’s largest shareholder to ensure the Fund compels Ghana to repay its debts to American entities.

In a letter addressed to Treasury Secretary Yellen, Senator Risch claimed that Ghana owes several U.S.-based businesses, including Twin City Energy (TCE), American Tower Company, GSM, Chubb, Kosmos Energy, and Zipline.

According to him, these debts place a severe financial burden on the companies and threaten their operations in Ghana.

“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,” Senator Risch wrote.

The letter was copied to Secretary of State Antony Blinken, U.S. Executive Director of the IMF Elizabeth Shortino, and DFC CEO Scott Nathan.

The Senator expressed concern that the IMF’s anticipated approval of a $3 billion Extended Credit Facility for Ghana does not account for these debts.

He believes this could set a harmful precedent for other sovereign borrowers and negatively impact U.S. companies operating abroad.

Two of the affected companies, Twin City Energy and Chubb, have investments backed by the U.S. International Development Finance Corporation (DFC), which means Ghana’s arrears affect not only private businesses but also investments financed by U.S. taxpayers.

Senator Risch urged the Treasury Secretary to use the United States’ position as the IMF’s largest shareholder to condition U.S. support for further IMF assistance to Ghana on the country’s commitment to repaying its debts to American companies.

“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 stated.

He suggested that the proposed repayment plan include transparent auditing, reporting, and enforcement mechanisms to ensure compliance.

He also recommended allocating portions of IMF disbursements specifically to clear debts owed to American companies.

Senator Risch cautioned that proceeding with IMF disbursements without addressing Ghana’s debt obligations could undermine constructive U.S. engagement with Ghana and deepen its reliance on international financial assistance.

“Allowing the next disbursement without addressing these concerns deepens Ghana’s reliance on international assistance while neglecting its obligations to U.S. private-sector partners,” he warned.

He urged the U.S. Treasury and its executive director at the IMF to treat the resolution of Ghana’s outstanding debts with urgency, emphasising that future U.S. support should be tied to responsible fiscal practices and fair treatment of American interests abroad.

Ghana is currently awaiting a third review from the IMF before receiving further disbursements.

SSD/MA

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