Ghana retains position as most indebted country to the IMF in Africa

As of January 31, 2024, Ghana retained its position as the most indebted country to the International Monetary Fund (IMF) in Africa concerning Concessional Lending and Debt Relief Trust, with an exposure of 2.088 billion Special Drawing Rights, equivalent to $2.77 billion, Joy Business reports.

According to the Fund’s Quarterly Finances report for January 2024, Ghana's outstanding concessional loans to

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This surge followed the country's receipt of a $600 million bailout package from the IMF in both June 2023 and January 2024, aimed at revitalizing its economy amidst economic challenges.

The report indicates that Ghana's concessional loan outstanding to the IMF constitutes 11.0% of Africa's total indebtedness of SDR 18.804 billion. Notably, Ghana demonstrated a commitment to repayment by remitting SDR 61 million, equivalent to $81.13 million, to the IMF.

Ghana's loan exposure to the IMF falls under concessional lending with low-interest financing, facilitated through the PRG Trust, which provides loans on concessional terms to qualifying low-income member countries.

Meanwhile, the Democratic Republic of Congo and Kenya maintained their positions as the second and third countries respectively in Africa with the largest concessional outstanding loans to the Fund as of January 1, 2024.