Ghana is intensifying efforts to settle outstanding debts owed to American companies operating within its borders to safeguard bilateral relations and broader investor confidence.
The government assured U.S. officials that steps are underway to clear the arrears, responding to pressure from American lawmakers who linked further International Monetary Fund disbursements to Ghana honoring these financial obligations.
Trade and Industry Minister Elizabeth Ofosu-Adjare delivered this commitment during high-level talks in Washington, D.C., focused on strengthening bilateral trade and advocating for the renewal of the African Growth and Opportunity Act (AGOA) before its September 2025 expiration. Her visit followed explicit warnings from U.S. legislators.
In January 2025, Senator James E. Risch urged Ghana to prioritize repaying U.S. companies before seeking more IMF aid, arguing failure to do so could harm American businesses and set a poor precedent.
By April 2025, House Foreign Affairs Committee Chairman Brian Mast proposed diverting part of Ghana’s next IMF tranche directly to settle debts, specifically mentioning Independent Power Producers partially owned by U.S. entities, citing Ghana’s “continued failure” under its IMF program.
“We understand the concerns of our U.S. partners, and I want to assure you that the government is committed to honoring its obligations. These companies are vital to our economy, and we are taking steps to clear all arrears,” Minister Ofosu-Adjare stated. Her comments come amid heightened U.S. trade protectionism, including a 10% blanket tariff on imports from Ghana, increasing the urgency for AGOA renewal.
She emphasized to U.S. officials, including Thomas Bruns of the Commerce Department and Giancarlo Cavallo of the President’s Advisory Council, that AGOA drives Ghana’s non-traditional exports like textiles, cashew, and shea butter, creating jobs and providing affordable U.S. goods.
The Minister also addressed U.S. concerns about Ghana’s local content laws in mining, reiterating commitment to a balanced regulatory environment. Discussions covered regulating aged vehicle imports and resulted in an agreement to reactivate the U.S.-Ghana Trade and Investment Framework Agreement (TIFA) for resolving trade issues.
While bilateral trade reached $2.1 billion in 2024 with a $233 million surplus for Ghana, shifting U.S. policy and debt scrutiny are prompting Ghana to reinforce alliances and explore new markets through the African Continental Free Trade Area.
