Sources close to the Club previously told Reuters that they made clear that<\/a> Ghana’s Afreximbank loan must be restructured in order for their sign-off.<\/p>\n The saga closes Ghana’s last major debt restructuring hurdle – but casts doubt on the credit rating of the bank – officially known as the African Export & Import Bank – and continued claims to “preferred creditor status” that would protect it from taking losses on its loans.<\/p>\n Afreximbank referred Reuters to its previous comment, which said the bank had resolved the “issues” around the loan to “the satisfaction of both parties.”<\/p>\n It did not comment on whether it took losses. Taking losses could cost Afreximbank, as ratings agencies may lower its credit rating as a result, thus increasing its cost of funding.<\/p>\n For the Paris Club to welcome the deal, it would have to be in line with the “comparability of treatment” parameters.<\/p>\n Meeting this could have come via a haircut on the principal of the loan, an extension of its maturity, a lowering of the interest rate \u2013 or some combination of all three.<\/p>\n Ghana announced the deal on Christmas Day, but has not publicly released any details on the terms, and did not immediately comment on the Paris Club view.<\/p>\n Sources told Reuters last year<\/a> that the Paris Club viewed Ghana and Zambia’s loans from two “baby multilateral” banks – the Eastern and Southern African Trade and Development Bank (TDB) and Afreximbank – as commercial, and thus must be restructured.<\/p>\n Ghana defaulted on its external debts in late 2022, and Zambia in 2020.<\/p>\n The countries themselves<\/a> subsequently told the bank<\/a> that it would need to restructure the loans. But publicly, Afreximbank has insisted that it has preferred creditor status as part of its charter and would not take losses.The status of Zambia’s Afreximbank debts is less clear. In October, Zambia’s treasury secretary said that a third party had expressed interest<\/a> in taking over its debt to Afreximbank.Taking losses on the loans could cost Afreximbank with ratings agencies. On Friday, the bank said it was terminating its relationship with Fitch<\/a>.<\/p>\n Fitch, which did not comment on the move, had previously said that “any indication of PCS weakening could lead to negative rating action,” and also cited Afreximbank’s potential exposure to restructurings as part of its negative outlook.<\/p>\n Moody’s, which downgraded Afreximbank’s rating in July, said it did not give the bank an “uplift” for preferred creditor status, and that any losses on the loan would be “mitigated somewhat by previous provisioning.”<\/p>\n U.S. investment bank JPMorgan cut its view on Afreximbank bonds over concerns the lender’s credit rating could be cut to junk after reports it would take a loss on Ghana’s loans.<\/p>\n Reporting by Libby George and Karin Strohecker. Additional reporting by Emmanuel Bruce in Accra; Editing by Andrew Heavens<\/p>\n Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n Purchase Licensing Rights<\/a> Libby George is a London-based journalist on the Reuters emerging markets team. She was part of a team named as Pulitzer finalists in 2023, and who won the Selden Ring Award for International Investigative Reporting, for a series of stories revealing abuses by Nigeria\u2019s military. After launching her career as a political journalist in Washington, D.C., she joined Reuters in 2015 covering oil, and from 2019-2023, she was senior correspondent and acting bureau chief based in Lagos, Nigeria. <\/p>\n![\"Libby](\"https:\/\/www.europesays.com\/africa\/wp-content\/uploads\/2026\/01\/https:\/\/s3.amazonaws.com\/arc-authors\/reuters\/51d96782-4b73-4e73-8ab2-339b4b68b4f7.png\")
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