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Ghana remains Africa's most indebted country to IMF with $2.227billion total outstanding loan

  Tue, 19 Sep 2023
Economy & Investments Ghana remains Africa's most indebted country to IMF with $2.227billion total outstanding loan
TUE, 19 SEP 2023 LISTEN

Ghana remains the most indebted country to the International Monetary Fund in Africa, with its loan to the Fund increasing by 35.3% in the second quarter of 2023, according to the IMF's Quarterly Finances report for July 2023.

As of July 31, 2023, Ghana's outstanding loans to the IMF stood at Special Drawing Rights (SDR) 1.689 billion, equivalent to $2.227 billion.

This marks a significant increase of $451 million SDR compared to the figure of 1.246 billion SDR recorded on April 30, 2023.

Ghana had sought and received a $600 million bailout package from the IMF in June 2023 to address fiscal challenges and rejuvenate its economy.

The country's outstanding loan to the IMF accounts for 9.55% of Africa's total of SDR 17.68 billion.

Additionally, Ghana had made a repayment of SDR 8 million, approximately $10.55 million, to the IMF.

Ghana's loan exposure to the IMF is classified as concessional lending, characterised by low-interest financing.

Meanwhile, the Democratic Republic of Congo and Kenya have maintained their second and third positions, respectively, 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 received disbursements of SDR 153 million and SDR 77 million, respectively, to support their balance of payments.

Sudan and Uganda also retained their fourth and fifth positions, respectively, with their exposure to the IMF estimated at SDR 992 million and SDR 812 million.

Uganda received a disbursement of SDR 91 million to bolster its fiscal economy.

In total, the rest of Africa collectively owed the IMF an amount of SDR 11.32 billion.

-Classfmonline

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