Ghana continues to hold the title of Africa’s nation with the largest debt to the International Monetary Fund (IMF).According to information from the IMF’s Quarterly Finances for the period ending in 2023 (July), Ghana’s debt to the IMF grew by 35.55% over the period under review.This represents 9.55 percent of the 17.68 billion SDR in total loans that the Fund is still obligated to make to African nations.Ghana’s Special Drawing Rights (SDR) was at $1.689 billion as of July 31, 2023, greater than the $1.246 billion SDR reported as of April 30, 2023, for the five categories of highest outstanding loans.
Ghana is the African nation with the biggest IMF debt.
SDR 1 is equivalent to US$1.34294, therefore Ghana had to pay back SDR 8 million to the IMF.
The Democratic Republic of the Congo and Kenya, respectively, held the second- and third-largest places in Africa for outstanding loans to the Fund as of July 31, 2023.
Compared to the Democratic Republic of the Congo, Kenya owed the IMF SDR 1.008, while the latter owed SDR 1.142 billion.
Sudan and Uganda, whose expected exposure to the Fund is SDR 992 million and SDR 812 million, respectively, preserved their fourth- and fifth-place positions.
The remaining countries in Africa owing the IMF 11.32 billion SDR.
