Ghana tops African countries with highest debt with IMF
Ghana still reigns as the most indebted country to the International Monetary Fund (IMF) in Africa. Data from the IMF’s Quarterly Finances for July-ending 2023 reveals that Ghana’s debt to the IMF went up by 35.55% over the time period under consideration. This accounts for 9.55 percent of the 17.68 billion (Special Drawing Rights) SDR
Ghana-tops-African-countries-with-highest-debt-with-IMF
Ghana still reigns as the most indebted country to the International Monetary Fund (IMF) in Africa.
Data from the IMF’s Quarterly Finances for July-ending 2023 reveals that Ghana’s debt to the IMF went up by 35.55% over the time period under consideration.
This accounts for 9.55 percent of the 17.68 billion (Special Drawing Rights) SDR in total loans still owed by the Fund to African countries.
Ghana’s Special Drawing Rights (SDR) stood at $1.689 billion out of the five categories of largest outstanding loans as of 31st of July 2023, which higher than the $1.246 billion SDR recorded as of 30th of April 2023. Ghana had repaid SDR 8 million to the IMF as SDR 1 equals US$1.34294.
Kenya and the Democratic Republic of the Congo had the second and third-largest outstanding loans to the Fund positions in Africa, respectively, as of the 31st of July 2023. Kenya was owing the IMF SDR 1.008, while the Democratic Republic of the Congo owed the Fund SDR 1.142 billion.
Sudan and Uganda, whose exposure to the Fund is projected at SDR 992 million and SDR 812 million, respectively, kept their positions of fourth and fifth.
