According to the IMF’s 2024 Quarterly Financial Statement, Ghana ranks fourth in Africa for the highest outstanding debt to the International Monetary Fund, with a total indebtedness of 2.275 billion Special Drawing Rights (SDR), which is approximately 3.068 billion dollars.
Egypt tops the list in Africa, owing the IMF SDR 10.050 billion, followed by Angola and Kenya, which are indebted to the Fund for SDR 2.989 billion and SDR 2.566 billion, respectively.
Notably, Nigeria and Morocco have fallen out of the top ten, making room for Cameroon and Ethiopia.
While IMF loans offer temporary relief to member countries, they can also lead to significant long-term debt challenges. A high level of borrowing from the IMF increases a nation’s overall debt, necessitating careful fiscal management. Additionally, these loans often come with conditions that can limit the government’s financial flexibility.
