According to recent data from the International Monetary Fund (IMF), Ghana has maintained its position as the most indebted African nation to the institution as of July 2022.
Ghana’s outstanding debt to the IMF rose by 35.55% to around $1.7 billion in Special Drawing Rights (SDR), representing 9.55% of total African loans from the Fund. This keeps Ghana as the largest African debtor to the IMF by a significant margin.
Kenya and the Democratic Republic of Congo held the second and third highest debt exposure to the IMF at $1 billion and $1.14 billion SDR respectively. Sudan and Uganda round out the top five most indebted countries.
In total, the IMF reported around $11.3 billion SDR in outstanding lending to the rest of the African continent as of July 31st. The rising balance illustrates many nations’ growing reliance on IMF support to stabilize finances.
Ghana continues working towards an agreement with the IMF on a relief package to ease its debt pressures. However, sustained reliance on external assistance highlights deeper fiscal and structural economic challenges facing the nation.
With the highest IMF debt load, Ghana faces tough policy choices to reorient its finances, spur growth and reduce dependence on foreign aid.