As of January 31, 2024, Ghana retained its position as the foremost debtor to the International Monetary Fund (IMF) in Africa concerning Concessional Lending and Debt Relief Trust.
The country’s indebtedness to the Fund amounted to 2.088 billion Special Drawing Rights, equivalent to $2.77 billion.
According to the IMF’s Quarterly Finances for January 2024, Ghana’s outstanding concessional loans to the institution had increased compared to the figures recorded in July 2023. This surge followed Ghana’s receipt of a $600 million bailout package from the IMF in both June 2023 and January 2024, aimed at revitalizing its economy amid prevailing economic challenges.
Ghana’s concessional loan outstanding to the IMF represented 11.0% of Africa’s total indebtedness to the tune of SDR 18.804 billion. Additionally, Ghana demonstrated a commitment to debt repayment by remitting SDR 61 million, equivalent to $81.13 million, to the IMF.
The loans extended to Ghana by the IMF fall under concessional lending, featuring low-interest financing. Specifically, the PRG Trust offers loans under concessional terms to qualifying low-income member nations.
Meanwhile, the Democratic Republic of Congo and Kenya maintained their positions as the second and third-largest debtors to the IMF in Africa, respectively, as of January 1, 2024.
