Ghana retained its position in Africa as the most indebted country to the International Monetary Fund (IMF) as the country’s loan from the Fund shot up by 35.3 per cent in the second quarter of 2023.
According to the Fund’s Quarterly Finances July-ending 2023, the country’s outstanding loans from the Bretton Wood institution stood at Special Drawing Rights
(SDR) 1.689 billion as of July 31, 2023, equivalent to $2.227 billion.
This is $451 million SDR higher than the 1.246 billion SDR recorded on April 30, 2023.
Ghana received $600 million as a bailout package from the IMF in June 2023 to revive its economy after going through fiscal challenges.
According to the report, the country’s loan outstanding from the Fund is 9.55 per cent of Africa’s total SDR of 17.68 billion.
Importantly, Ghana had repaid SDR 8 million, equivalent to $10.55 million to the IMF.
The nation’s loan exposure to the Bretton Woods institution is classified as concessional lending with a low-interest financing.
Meanwhile, Democratic Republic of Congo and Kenya also maintained their 2nd and 3rd positions respectively in Africa with the largest outstanding loans to the Fund as of July 31, 2023. While DR Congo owed the IMF SDR 1.142 billion, Kenya was indebted to the Fund to the tune of SDR 1.008.
They also received a disbursement of SDR 153 million and SDR 77 million to boost their balance of payments.
BY TIMES REPORTER
