Ghana maintains its leading position among African nations as the most indebted country to the International Monetary Fund (IMF).
This ranking is the result of a significant increase in Ghana’s loans from the IMF, which surged by 35.3 percent in the second quarter of 2023.
The IMF’s Quarterly Finances report for July 2023 revealed that Ghana’s outstanding loans to the institution were valued at Special Drawing Rights (SDR) 1.689 billion as of July 31, 2023, equivalent to approximately $2.227 billion.
This latest figure represents an increase of $451 million in SDR compared to the previous figure of 1.246 billion SDR recorded as of April 30, 2023.
Ghana’s engagement with the IMF began in July 2022, and after meeting the stipulated conditions for a bailout package, the IMF disbursed the first tranche of $600 million in June 2023. This disbursement aimed to address Ghana’s balance of payments position and restore macroeconomic stability.
The IMF report also noted that Ghana’s outstanding loans represent 9.55 percent of Africa’s total, which amounts to SDR 17.68 billion. However, Ghana has repaid approximately SDR 8 million, equivalent to $10.55 million, to the IMF.
Despite its loan exposure, the IMF categorizes Ghana’s position as concessional lending with low-interest financing terms.
In the ranking of African countries most indebted to the IMF, the Democratic Republic of Congo follows Ghana, owing SDR 1.142 billion, while Kenya holds the third position with outstanding loans of SDR 1.008 billion as of July 31, 2023.
Both countries have received loan disbursements from the IMF to support their balance of payments positions, with the DR Congo receiving SDR 153 million and Kenya receiving SDR 77 million.