Ghana Becomes the Number one African country with highest debt with the IMF

Ghana’s Ongoing Debt to the IMF

Ghana has retained its position as the African country with the highest indebtedness to the International Monetary Fund (IMF). Over the considered period, Ghana’s debt to the IMF increased by 35.55%, as per data from the IMF’s Quarterly Finances for July-ending 2023.

A Significant Share of Ghana’s Total Loans

Ghana’s debt accounts for a substantial portion of the total loans extended by the IMF to African nations. It constitutes 9.55% of the 17.68 billion Special Drawing Rights (SDR) in loans that the Fund has provided to African countries.

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Rising Debt Levels

Ghana’s outstanding debt in SDR amounted to $1.689 billion as of July 31, 2023. This figure represents a notable increase from the $1.246 billion recorded as of April 30, 2023. Ghana made repayments to the IMF, with SDR 8 million repaid, considering that SDR 1 is equivalent to US$1.34294.

Other Leading African Debtors

Following Ghana, Kenya and the Democratic Republic of the Congo hold the second- and third-largest outstanding loans to the IMF in Africa. Kenya’s debt to the IMF stands at SDR 1.008 billion, while the Democratic Republic of the Congo owes the Fund SDR 1.142 billion.

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Consistent Debt Positions

Sudan and Uganda maintain their positions as the fourth- and fifth-largest debtors to the IMF in Africa. Sudan’s exposure to the Fund is projected at SDR 992 million, while Uganda’s debt amounts to SDR 812 million.

The Broader African Debt Landscape

The remaining 11.32 billion SDR in loans are owed to the IMF by various other African nations, highlighting the significance of IMF lending in the region.