Despite the fact that Ghana’s debt to the IMF remained constant in January 2023 at $1.70 billion, it is the most indebted African nation to the IMF.
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Ghana’s outstanding loans to the International Monetary Fund were valued at 1.278 billion Special Drawing Rights (SDR 1.278 billion) at the end of January 2023, which is equal to $1.708 billion, according to the Fund’s Quarterly Finances ending January 31, 2023.
As of January 31, 2023, Africa owed the Bretton Woods institution a total of SDR 16.15 billion in loans.
Yet, the nation has so far paid the IMF back SDR 53 million, or $75.7 million.
Ghana’s loan exposure to the Bretton Woods institution is classified as concessional lending. Concessional loan comes with a low-interest financing.
Concessional lending is the term used to describe Ghana’s exposure to the Bretton Woods institution through loans. Low-interest financing is offered via a concessional loan.
As of January 2023, the Democratic Republic of the Congo and Kenya were ranked second and third in Africa, respectively, and had the greatest outstanding loans to the Fund, totaling SDR 1.142 billion and SDR 1.015.
In order to improve their balance of payments, they additionally received a payout of SDR 304 million and SDR 239.
Sudan and Uganda, whose exposure to the Fund was estimated at SDR 992 million and SDR 632 million, respectively, were ranked fourth and fifth. 180 million SDR have also been given to Uganda to support its fiscal economy.
SDR 10.1 billion worth of debt owed to the IMF by the rest of Africa. 1.25 billion SDR have been distributed to African nations since COVID-19.