Ghana Remains The Number 1 On The List of Africa’s Highest Borrower From IMF

The International Monetary Fund’s loan to Ghana increased by 35.3% in the second quarter of 2023, maintaining its status as the continent’s most indebted nation.

As of July 31, 2023, the nation owed the Bretton Woods organization Special Drawing Rights 1.689 billion, or $2.227 billion, according to the Fund’s Quarterly Finances for the July-end 2023 period.

The difference between this and the 1.246 billion SDR recorded as of April 30, 2023, is $451 million SDR.

In June 2023, Ghana received a $600 million bailout package from the IMF to help it recover from fiscal difficulties and revitalize its economy.

The amount owed by the nation to the Fund, which is 9.5% of Africa’s total SDR 17.68 billion, is stated in the report.

 

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It’s significant to note that Ghana had paid the IMF back SDR 8 million, or $10.55 million.

The country’s exposure to the Bretton Woods institution is categorized as low-interest, concessional lending.

As of July 31st, 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.

In order to improve their balance of payments, they additionally got disbursements of SDR 153 million and SDR 77 million.

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. A payment of SDR 91 million was also made to Uganda to support its fiscal economy.

The IMF held SDR 11.32 billion in debt to the rest of Africa.