Ghana continues to hold the title of being the IMF’s (International Monetary Fund) most heavily indebted country among African nations.
The change occurs after the Fund’s loans to Ghana increased by 35.3% in the second quarter of 2023.
According to the IMF’s Quarterly Finances report for the period ending in July 2023, Ghana owed the Bretton Woods organization Special Drawing Rights (SDRs) of 1.689 billion as of July 31, 2023, or around $2.227 billion.
The current total, which equals $451 million SDR, surpasses the previous level, which stood at 1.246 billion SDR as of April 30, 2023.
Following Ghana’s engagement with the Fund in July 2022 and upon fulfilling the requirements for a rescue package, the IMF disbursed the first tranche of $600 million in June 2023 as part of measures to resolve Ghana’s balance of payments position and restore macroeconomic stability.
The IMF study also noted that 9.55 percent of Africa’s total SDR 17.68 billion in outstanding loans are owed to Ghana.
However, Ghana has given back the Bretton Woods organization around SDR 8 million, or $10.55 million.
Despite this, the IMF has categorized Ghana’s loan exposure situation as low-interest, concessional lending.
After Ghana, the Democratic Republic of the Congo was classified as the African nation with the highest IMF debt in the meanwhile.
With the greatest outstanding debts to the Fund as of July 31st, 2023, Kenya came in third place in the continent.
According to the IMF, Kenya owed SDR 1.008 billion while the DR Congo owes SDR 1.142 billion. In order to help the two nations’ balance of payments, the IMF has additionally disbursed loans of SDR 153 million and SDR 77 million, respectively.