In terms of concessional lending and the Debt Relief Trust, Ghana is now the second-most indebted African nation to the International Monetary Fund (IMF). Ghana owed the IMF 2.242 billion Special Drawing Rights (SDR), or almost $2.914 billion, as of October 31, 2024. Ghana was formerly the nation with the highest IMF debt, but the Democratic Republic of the Congo (DRC) just overtook it to take the top spot with 2.256 billion SDR, or around $2.938 billion, in debt. Third place goes to Zambia, which owes the IMF 1.272 billion SDR.
17% of all African countries' IMF borrowings are due to Ghana's debt. Since both Ghana and Zambia have fallen behind on their debts, they are turning to IMF
Ghana has more outstanding concessional loans than it did in July 2024, according to the IMF's most recent quarterly financial report. After encountering severe economic difficulties, the nation went to the IMF in January 2023. The IMF authorized a $3 billion rescue package in May 2023 to aid in Ghana's economic recovery. The IMF has given Ghana $1.92 billion so far under the Economic Credit Facility Program.
Ghana's loan exposure is categorized by the IMF as concessional lending, which provides finance with low interest rates. In order to promote economic stability and prosperity, the Poverty Reduction and prosperity (PRG) Trust offers these concessional loans to qualified low-income nations, such as Ghana.
Ghana's continuous economic predicament and its attempts to stabilize with IMF support are shown in this updated data.
Post a Comment