Ghana's IMF debt hits $3.068 billion, ranks 4th in Africa

A recent report by the International Monetary Fund (IMF) has revealed that Ghana ranks fourth among African countries with the highest outstanding debt to the Fund. 

The country's total debt stands at 2.275 billion Special Drawing Rights (SDR), equivalent to $3.068 billion.

According to the IMF's 2024 Quarterly Financial Statement, Egypt tops the list with an indebtedness of SDR 10.050 billion, followed by Angola and Kenya with SDR 2.989 billion and SDR 2.566 billion, respectively.

The report also shows that Nigeria and Morocco have dropped out of the top ten, making way for Cameroon and Ethiopia.

Ghana's high ranking raises concerns about the country's debt management and economic stability.

The IMF loans provide temporary relief to member countries but also lead to potentially troublesome debt. High levels of IMF borrowing increase a country's overall debt, requiring prudent fiscal management.

These loans often come with conditions that place further constraints on the government's financial flexibility.

IMF Debt Rankings in Africa:

- 1st: Egypt - SDR 10.050 billion
- 2nd: Angola - SDR 2.989 billion
- 3rd: Kenya - SDR 2.566 billion
- 4th: Ghana - SDR 2.275 billion ($3.068 billion)

Source: Lead News Online