Ghana has retained its position as the most indebted country to the International Monetary Fund (IMF) in Africa, with its loan to the fund increasing by 35.3% in the second quarter of 2023. According to the IMF’s Quarterly Finances report for July 2023, Ghana’s outstanding loans to the institution stood at Special Drawing Rights (SDR) 1.689 billion as of July 31, 2023, equivalent to $2.227 billion. This is an increase of $451 million SDR from the $1.246 billion SDR recorded as of April 30, 2023.
Ghana received a $600 million bailout package from the IMF in June 2023 to help revive its economy, which was facing fiscal challenges. The country’s outstanding loan to the IMF is considered concessional lending with low-interest financing.
Among African countries, the Democratic Republic of Congo and Kenya also maintained their positions as the second and third most indebted countries to the IMF, with outstanding loans of SDR 1.142 billion and SDR 1.008 billion, respectively, as of July 31, 2023. Sudan and Uganda held the fourth and fifth positions, with exposure to the IMF estimated at SDR 992 million and SDR 812 million, respectively.
In total, the rest of Africa owed the IMF SDR 11.32 billion as of the same date.
