Ghana is still ranked as number one in Africa with the largest outstanding debt to the Bretton Wood institution, IMF.
This is according to the IMF’s Quarterly Finances.
Ghana’s outstanding loans to the International Monetary Fund was relatively unchanged at 1.278 billion Special Drawing Rights (SDR 1.278 billion) at the end of January 2023, equivalent to $1.708 billion.
Ghana’s loan exposure to the Bretton Woods institution is classified as concessional lending. Concessional loan comes with a low-interest financing.
The country has so far repaid SDR 53 million, equivalent to $75.7 million to the IMF.
According to the data from the Fund, the Bretton Wood institution has not disbursed any funds to Ghana so far.
Ghana’s debt to IMF unchanged at $1.70bn in January 2023; repays $75m of loans
However, it is the expectation that the country will secure an IMF support programme by the end of March 2023, to boost its balance of payment and stabilise the economy.
In October 2022, Ghana’s loans outstanding to the Fund were estimated at SDR 1.28 billion, equivalent to about $1.68 billion.
The loans outstanding excluded the Covid-19 support of which the country received more than $1.2 billion to fight the pandemic and aid economic recovery. However, the country’s debt to the IMF will go up after the approval of a programme by the Board of the Fund by the first quarter of 2023.
It has been established that the Democratic Republic of Congo and Kenya were ranked 2nd and 3rd in Africa with the largest outstanding loans of SDR 1.142 billion and SDR 1.015 to the Fund.
Africa is ranked 3rd, owing the IMF SDR 13.045 billion as of the end of January 2023. Western Hemisphere is ranked 1st with SDR 45.74 billion.