Ghana continues to be the International Monetary Fund’s most indebted country in Africa (IMF).
According to information from the IMF’s Quarterly Finances for the period ending in 2023 (July), Ghana’s debt to the IMF grew by 35.55% over the period under review.
This represents 9.55 percent of the 17.68 billion SDR in total loans that the Fund is still obligated to make to African nations.
Ghana’s Special Drawing Rights (SDR) was at $1.689 billion as of July 31, 2023, greater than the $1.246 billion SDR reported as of April 30, 2023, for the five categories of highest outstanding loans.
Ghana had repaid SDR 8 million to the IMF as SDR 1 equals US$1.34294.
As of July 31, 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.
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.
The remaining 11.32 billion SDR were owed to the IMF by the rest of Africa.