Washington, D.C., January 2025 – Senator James E. Risch, Ranking Member of the U.S. Senate Committee on Foreign Relations, has urged Treasury Secretary Janet Yellen to condition U.S. support for Ghana’s ongoing IMF loan program on the country’s repayment of $251 million owed to American companies.
In a letter to Secretary Yellen, Senator Risch emphasized that these debts, owed to firms like Twin City Energy, American Tower Company, Kosmos Energy, and others, have strained the financial operations of U.S. businesses in Ghana.
“Unpaid debts place substantial financial strain on U.S. businesses and jeopardize their operations and investments,” he wrote.
IMF Assistance and U.S. Leverage
Ghana is currently seeking a $3 billion Extended Credit Facility from the IMF to stabilize its economy. Senator Risch warned that disbursing funds without ensuring Ghana repays its debts to U.S. firms could set a negative precedent for other sovereign borrowers and weaken protections for American businesses operating abroad. 
He urged the U.S., as the IMF’s largest shareholder, to demand a concrete repayment plan from Ghana, which should include:
- Transparent auditing and reporting mechanisms.
- Allocation of IMF disbursement funds to clear arrears.
Impact on U.S. Investments
Senator Risch noted that two affected companies, Twin City Energy and Chubb, have investments backed by the U.S. International Development Finance Corporation (DFC). He argued that Ghana’s arrears not only harm private businesses but also put U.S. taxpayer-funded investments at risk.
“Proceeding with IMF disbursements without addressing these debts deepens Ghana’s reliance on international assistance while neglecting obligations to U.S. private-sector partners,” he cautioned.
Call for Accountability
The senator urged Secretary Yellen to direct the U.S. Executive Director at the IMF to make Ghana’s repayment of these debts a condition for further disbursements. He stressed that U.S. support for Ghana must align with responsible fiscal practices and fair treatment of American companies.
The letter was copied to Secretary of State Antony Blinken, IMF Executive Director Elizabeth Shortino, and DFC CEO Scott Nathan, underscoring the urgency of addressing the matter ahead of the IMF’s review of Ghana’s program later this month.
