Audio By Carbonatix
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
-
GPL 2025/26: Late Kwartemaa strike downs Hearts in Tema
5 minutes -
Ghana Faces Sierra Leone Moment as Prosecutorial Powers come under strain
15 minutes -
Don’t consume fish or seafood from Tema Shipyard until further notice – FDA warns
20 minutes -
Why volunteering might be Africa’s most underrated career accelerator
26 minutes -
ActionAid Ghana raises concern over gender gaps in Feed Ghana Programme
28 minutes -
Windstorm wreaks havoc in Gushegu, displacing nearly 2,000 residents and damaging schools
30 minutes -
Friends of Bridget Bonnie Marks her 35th birthday with donation to Kasseh Model Health Centre
1 hour -
From Ekumfi Kokodo to the Pulpit Stage: Essi Donkor’s gospel journey takes shape
2 hours -
Landfilling waste management creates no value, it’s an economic waste
2 hours -
Photos: Speaker Bagbin Commissions MPs constituency office under parliamentary decentralisation programme
2 hours -
Black Stars technical advisor Winfried Schäfer sacked as GFA shakes up backroom staff
2 hours -
Wenchi water project almost complete, critical to gov’t agenda – GWL MD
2 hours -
Anti-LGBTQ+ bill not part of government’s legislative agenda – Inusah Fuseini
2 hours -
Anti-LGBTQ Bill: Forget the rumour mongers, I’m a man of action, and will pass the bill – Speaker
3 hours -
Women and children among those killed in Sudanese army shelling of wedding celebration
3 hours