James E. Risch Pushes for Ghana to Repay $251M Debt to American Firms
Senator James E. Risch, Ranking Member of the U.S. Senate Committee on Foreign Relations, has raised concerns over Ghana’s $251 million debt to several American companies, including Twin City Energy, Kosmos Energy, and Zipline. He warned that these outstanding payments are straining U.S. businesses operating in Ghana and could influence future relations between the two countries.
In a letter addressed to Treasury Secretary Janet Yellen, Senator Risch urged the U.S. to leverage its position as the largest IMF shareholder to ensure Ghana repays its debts. He emphasized that further IMF disbursements, part of Ghana’s $3 billion Extended Credit Facility, should be contingent on the country establishing a concrete and enforceable repayment plan.
“These unpaid debts place substantial financial strain on U.S. businesses in Ghana and jeopardize their operations and investments”
He also recommended allocating portions of IMF funds to clear the arrears and introducing mechanisms such as transparent audits and reporting to ensure compliance.
Risch further highlighted that Ghana’s debt to companies backed by the U.S. International Development Finance Corporation (DFC) impacts not only private businesses but also U.S. taxpayer-funded investments. He warned that ignoring these obligations risks setting a negative precedent for other sovereign borrowers while undermining the U.S.-Ghana partnership.
As the country awaits its third IMF review, Risch’s call underscores the urgency of addressing the country’s fiscal obligations. He cautioned that overlooking these concerns could deepen Ghana’s reliance on international aid while straining U.S. private-sector interests abroad.