Ghana placed 4th in Africa with the biggest outstanding debt to the International Monetary Fund, the Fund’s 2024 Quarterly Financial Statement has revealed.
The total amount of money owed by the nation to the IMF was 2.275 billion SDRs, or $3.068 billion.
Africa’s top country, Egypt, owed the IMF SDR 10.050 billion.
Angola and Kenya, with debts to the Fund totaling SDR 2.989 billion and SDR 2.566 billion, respectively, came in second and third place, respectively.
Cameroon and Ethiopia moved up to the top ten, but Nigeria and Morocco fell out.
While the IMF loans gave member nations short-term respite, they also resulted in a potentially problematic debt.
A nation’s total debt rises when it borrows heavily from the IMF, necessitating careful budgetary management.
The loans frequently have limitations attached, which further reduces the government’s financial flexibility.
