Ghana has been ranked the second most indebted African nation to the International Monetary Fund (IMF) in terms of concessional lending.
The IMF’s Quarterly Finances report revealed that Ghana’s outstanding loans reached $2.914 billion as of October 31, 2024, representing 17% of Africa’s total IMF borrowings.
Leading the list is the Democratic Republic of Congo, with $2.256 billion in Special Drawing Rights (SDRs), followed by Zambia in third place, with $1.272 billion in outstanding debt.
The revelation comes as Ghana struggles with a deep economic crisis, which led to securing a $3 billion IMF bailout in January 2023. So far, the country has received $1.92 billion under the Economic Credit Facility program.
Concessional lending refers to IMF loans offered on favorable terms, such as low-interest rates and extended repayment periods, aimed at promoting economic growth and reducing poverty in low-income nations.
Both Ghana and Zambia, burdened by severe economic challenges, have defaulted on their debts, necessitating support from the IMF.