Ghana ranked number 1 African country with highest outstanding loans to IMF

Ghana's Fiscal Debt Situation Has Worsened

Ghana is the most indebted African nation to the IMF, despite the fact that its debt to the IMF remained constant at $1.70 billion in January 2023.

At the end of January 2023, the International Monetary Fund reported in its Quarterly Finances that Ghana had outstanding loans totaling 1.278 billion Special Drawing Rights (SDR 1.278 billion), which is equivalent to $1.708 billion.

Ghana ranked 1st amongst African countries with highest outstanding loans to IMF

This is out of the total loans that Africa owes the Bretton Woods institution, which total 16.15 billion SDR, as of January 31, 2023.

However, the nation has so far reimbursed the IMF for SDR 53 million, or $75.7 million.

Concessional lending is how the Bretton Woods institution views Ghana’s loan exposure. Concessional credit accompanies a low-interest funding.

As of January 2023, Kenya and the Democratic Republic of the Congo ranked second and third in Africa, respectively, with SDR 1.142 billion and SDR 1.015 billion in outstanding loans to the Fund.
insert image In addition, they have received SDR 239 and SDR 304 million in payments to improve their balance of payments.

With respective exposures to the Fund of SDR 992 million and SDR 632 million, Sudan and Uganda ranked fourth and fifth, respectively. Additionally, Uganda has received 180 million SDR to support its fiscal economy.

The IMF owed a total of SDR 10.1 billion to the rest of Africa. Since COVID-19, SDR 1.25 billion has been distributed to African nations.