Ghana has maintained its top position in Africa as the country with the highest debt to the International Monetary Fund (IMF). In the second quarter of 2023, Ghana’s loan from the IMF increased by 35.3%.
According to the IMF’s Quarterly Financial Report for July 2023, Ghana’s outstanding loans to the IMF amounted to Special Drawing Rights (SDR) 1.689 billion, equivalent to $2.227 billion, as of July 31, 2023. This is an increase of $451 million SDR from the $1.246 billion SDR recorded on April 30, 2023.
Ghana received a $600 million bailout package from the IMF in June 2023 to address its economic challenges.
The report also indicates that Ghana’s outstanding loan to the IMF accounts for 9.55% of Africa’s total, which is SDR 17.68 billion. It’s worth noting that Ghana has repaid $10.55 million (equivalent to SDR 8 million) to the IMF.
Ghana’s debt to the IMF falls under concessional lending with low-interest financing.
Meanwhile, the Democratic Republic of Congo and Kenya have maintained their second and third positions in Africa with the largest outstanding loans to the IMF as of July 31, 2023. DR Congo owed the IMF SDR 1.142 billion, while Kenya’s debt to the Fund amounted to SDR 1.008 billion. Both countries also received disbursements of SDR 153 million and SDR 77 million, respectively, to support their balance of payments.
Sudan and Uganda have also retained their fourth and fifth positions, with their exposure to the IMF estimated at SDR 992 million and SDR 812 million, respectively. Uganda also received a disbursement of SDR 91 million to bolster its fiscal economy.
In total, the rest of Africa owed the IMF SDR 11.32 billion.
Source : myjoyonline
