Source: newsthemegh.com
In relation to Concessional Lending and Debt Relief Trust, Ghana continues to be the largest debtor in Africa according to the International Monetary Fund (IMF).
The nation’s exposure to the Fund was 2.088 billion Special Drawing Rights, or $2.77 billion, as of January 31, 2024.
Ghana’s outstanding concessional loans to the IMF eclipsed prior records from July 2023, according to the IMF’s Quarterly Finances report for January 2024.
In order to solve economic difficulties and promote growth, the IMF gave the nation a $600 million bailout package in June 2023 and January 2024.
The outstanding concessional loan balance for Ghana amounts to 11.0% of Africa’s total debt to the Fund, which is valued at SDR 18.804 billion.
Ghana has paid back SDR 61 million, or $81.13 million, in repayments.
These loans, which fall under the category of low-interest financing and concessional lending, are given to eligible low-income member nations by the PRG Trust.
As of January 1, 2024, the Democratic Republic of the Congo and Kenya continue to be the second and third largest African borrowers to the Fund.