Ghana tops African countries with highest debt with IMF

Ghana has maintained its spot as Africa’s most indebted country to the International Monetary Fund (IMF).

Ghana’s debt to the IMF increased by 35.55% over the time period under consideration, per data from the IMF’s Quarterly Finances for July-ending 2023.

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.

Out of the five categories of largest outstanding loans as of July 31, 2023, Ghana’s Special Drawing Rights (SDR) stood at $1.689 billion, higher than the $1.246 billion SDR recorded as of April 30, 2023.

Ghana had repaid SDR 8 million to the IMF as SDR 1 equals US$1.34294.

As of July 31, 2023, Kenya and the Democratic Republic of the Congo held the second and third-largest outstanding loans to the Fund positions in Africa, respectively.

Kenya owed the IMF SDR 1.008 whereas 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.

The remaining 11.32 billion SDR were owed to the IMF by the rest of Africa.

Source: Africa news