Ghana is 2nd most indebted African country to IMF

• Posted on January 9, 2025January 9, 2025
• by Nana Kwesi Coomson
• Comment

Ghana is the second 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 2.242 billion Special Drawing Rights, an equivalent of $2.914 billion as of October 31, 2024. The West Africa nation until recently was the most indebted country to the IMF.

The country’s exposure represented 17% of the total Africa borrowings from the IMF.

Democratic Republic of Congo came 1^st with an indebtedness of $2.256 billion SDR to the IMF.

Zambia placed 3^rd with an SDR of 1.272 billion indebtedness to the IMF.

Ghana and Zambia have defaulted on their loans leading to seeking assistance from the IMF.

According to the Fund’s Quarterly Finances, the country’s outstanding concessional loans to the Bretton Wood institution were higher than what was recorded in July 2024. 

Ghana went to the IMF in January 2023 to seek economic assistance after its economy went through severe challenges. The IMF in May 2023 approved a $3 billion bailout package to revive the Ghanaian economy.

So far, the nation has received $1.92 from the Breton Woods institution under the Economic Credit Facility Programme.

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.