Ghana has been ranked as the second most indebted African nation to the International Monetary Fund (IMF) in terms of concessional loans.
Data from the IMF’s Quarterly Finances shows that Ghana’s outstanding debt to the institution stood at $2.914 billion as of October 31, 2024, accounting for 17% of Africa’s total borrowings from the IMF.
The Democratic Republic of Congo holds the top spot with debts amounting to $2.256 billion Special Drawing Rights (SDRs), while Zambia ranks third with $1.272 billion in outstanding loans.
This ranking comes as Ghana navigates a deep economic crisis that led to a $3 billion bailout request from the IMF in January 2023. Of this amount, Ghana has so far received $1.92 billion under the Economic Credit Facility program.
Concessional lending refers to loans provided by the IMF on favorable terms, including low-interest rates and extended repayment periods, aimed at supporting low-income countries in fostering economic development and reducing poverty.
Both Ghana and Zambia have struggled with severe economic challenges, leading to defaults on their debts and requiring financial assistance from the IMF to stabilize their economies.
