Ghana has become the second most indebted African country to the International Monetary Fund (IMF) in terms of concessional lending and debt relief, with a debt exposure of 2.242 billion Special Drawing Rights (SDR), equivalent to $2.914 billion, as of October 31, 2024.

Until recently, Ghana held the title of the most indebted country to the IMF, but it has now been surpassed by the Democratic Republic of Congo, which owes $2.256 billion in SDR. Zambia ranks third with an indebtedness of 1.272 billion SDR.

Both Ghana and Zambia have defaulted on their loans, prompting them to seek assistance from the IMF. Ghana’s outstanding concessional loans, which are provided at low-interest rates, have increased compared to figures from July 2024, according to the IMF’s Quarterly Finances report.

The IMF’s Concessional Lending and Debt Relief Trust provides financing on favorable terms to qualifying low-income countries, including Ghana, to help manage their financial challenges.

Source:TheDotNews