Ghana placed 4th in Africa with the highest outstanding debt to the International Monetary Fund, the Fund’s 2024 Quarterly Financial Statement has revealed.
The country’s total indebtedness to the IMF stood at 2.275 billion Special Drawing Rights, equivalent to $3.068 billion.
Egypt came first in Africa, owing the IMF SDR 10.050 billion.
It was followed by Angola and Kenya in second and third which were indebted to the Fund to the tune of SDR 2.989 billion and SDR 2.566 billion respectively.
Meanwhile, Nigeria and Morocco dropped out of the top ten, making way for Cameroon and Ethiopia.
The IMF loans provided temporary relief to member countries, while also leading to a potentially troublesome debt.
A high level of IMF borrowing increases a country’s overall debt, a situation that requires prudent fiscal management.
The loans often come with conditions, placing further constraints on the government’s financial flexibility.
Latest Stories
-
Police arrest 2 suspects in gruesome murder at Tema
11 minutes -
30 suspects arrested as IGP orders raids on galamsey hotspots in 3 regions
49 minutes -
BlowChem announces price reductions on beverages, effective June 1
2 hours -
When lawmakers themselves appear unwilling to abide by the laws they legislate
5 hours -
Mahama promises 200,000-hectare cocoa expansion to revitalise industry
6 hours -
Communications Minister unveils gov’t’s digital inclusion plan for PWDs
6 hours -
Youth group accuses judiciary of undermining anti-corruption efforts
6 hours -
Parliament recommends ratification of WTO agreement on fisheries subsidies
6 hours -
Ghana to roll out Labour Export Initiative – Mahama announces
6 hours -
Two killed in fatal accident on Bole–Damongo Road
6 hours -
Joseph Ade Coker, former NDC Greater Accra Regional Chairman dies
6 hours -
From Bulldozing to Bail-Begging: Wontumi’s Plot Twist No One Saw Coming
7 hours -
Mahama promises new modern regional hospital for Ahafo Region
7 hours -
Appiagyei-Atua: Protest by Minority over Wontumi’s arrest unnecessary and theatrical
7 hours -
Parliament approves GH¢10bn for NHIA
7 hours