Ghana Leads African Nations in Debt Owed to IMF, records 35.55% Increase.
Ghana has solidified its position as Africa’s most indebted nation to the International Monetary Fund (IMF), according to data from the IMF’s Quarterly Finances for July-ending 2023.
Over the specified time frame, Ghana’s debt to the IMF saw a significant increase of 35.55%. This debt accounts for 9.55% of the total loans, totaling 17.68 billion Special Drawing Rights (SDR), that the Fund is owed by African countries.
Ghana’s Special Drawing Rights (SDR) reached $1.689 billion as of July 31, 2023, marking a notable increase from the $1.246 billion SDR recorded on April 30, 2023.
It’s worth noting that Ghana had repaid SDR 8 million to the IMF, with the exchange rate being SDR 1 equals US$1.34294.
In the ranking of outstanding loans to the IMF among African nations as of July 31, 2023, Kenya secured the second position, owing the Fund SDR 1.008, while the Democratic Republic of the Congo occupied the third position with an IMF debt of SDR 1.142 billion.
Sudan and Uganda maintained their fourth and fifth positions, owing the Fund SDR 992 million a犀利士 nd SDR 812 million, respectively. The remainder of the outstanding debt, amounting to 11.32 billion SDR, was attributed to other African countries in their dealings with the IMF.