Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course

Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course

The governments of Ghana and Zambia recently took a decision that could have serious consequences for other African countries. The decision relates to arrangements on how the two countries will repay the debt they owe to Africa Export-Import Bank (Afreximbank). They have both taken decisions to relegate Afreximbank to a commercial lender from a preferred creditor. This means that the terms on which Afreximbank has lent money to these two countri…

Ghana and Zambia have snubbed Africa's leading development bank: why they should change course

The actions of Ghana and Zambia set a dangerous precedent by sidelining African financial institutions.