Ghana is ranked 1st in Africa with the largest outstanding debt to the International Monetary Fund. According to the Fund’s Quarterly Finances as of the end of July 2022, the country’s loans outstanding is estimated at 1.31 billion Special Drawing Rights equivalent to about $1.69 billion.
The country’s loans outstanding to the IMF represent 9% of the total number of African countries indebted to the Fund.
It is also equivalent to 178% of its quota or share of monies borrowed from the Fund.
This however excludes the Covid-19 support of which the country received more than $1.2 billion from the IMF to fight the pandemic and aid economic recovery.
The country’s loan exposure to the Bretton Woods institution is classified as concessional lending. Concessional loan comes with a low-interest financing.
As of June this year, the nation’s external debt was estimated at $28.1 billion, with the majority of the loans being commercial.
Meanwhile, Sudan and Democratic Republic of Congo are 2nd and 3rd in Africa with the largest outstanding loans of SDR 992 million and SDR 990 million respectively.
Source: Joy Business