Ghana remained the most indebted country to the International Monetary Fund in Africa in terms of Concessional Lending and Debt Relief Trust.
The country’s exposure to the Fund stood at 2.088 billion Special Drawing Rights, an equivalent of $2.77 billion as of January 31, 2024.
According to the Fund’s Quarterly Finances as of the end of January 2024, the country’s outstanding concessional loans to the Bretton Wood institution were higher than what was recorded in July 2023.
Ghana received $600 million as a bailout package from the IMF in June 2023 and January 2024 to revive its economy after going through economic challenges.
According to the report, the country’s concessional loan outstanding to the Fund is 11.0% of Africa’s total indebtedness of SDR18.804 billion.
Importantly, Ghana had repaid SDR 61 million, equivalent to $81.13 million to the IMF.
The nation’s loan exposure to the Bretton Woods institution is classified as concessional lending with low-interest financing. The PRG Trust provides loans on concessional terms to qualifying low-income member countries.
Meanwhile, the Democratic Republic of Congo and Kenya maintained their 2nd and 3rd positions respectively in Africa with the largest concessional outstanding loans to the Fund as of January 1, 2024.