Ghana maintains its position as Africa’s foremost debtor to the International Monetary Fund (IMF), according to recent data from the IMF’s Quarterly Finances report for July-ending 2023.
Over the specified time frame, Ghana’s debt to the IMF witnessed a significant increase, surging by 35.55%. This places Ghana’s debt at 9.55% of the total outstanding loans owed by African countries to the Fund, which amounts to 17.68 billion Special Drawing Rights (SDR).
As of July 31, 2023, Ghana’s Special Drawing Rights (SDR) debt stood at $1.689 billion, marking a notable rise from the $1.246 billion SDR recorded as of April 30, 2023.
It’s noteworthy that Ghana had already repaid SDR 8 million to the IMF. It’s important to mention that SDR 1 is equivalent to US$1.34294.
In terms of the largest outstanding loans to the IMF in Africa as of July 31, 2023, Kenya and the Democratic Republic of the Congo held the second and third positions, respectively. Kenya’s debt to the IMF amounted to SDR 1.008, while the Democratic Republic of the Congo owed the Fund SDR 1.142 billion.
Sudan and Uganda maintained their positions as the fourth and fifth countries with substantial exposures to the Fund, projected at SDR 992 million and SDR 812 million, respectively.
The remaining 11.32 billion SDR remained distributed across the rest of the African nations in their debts to the IMF
