Ghana leads African nations in IMF Concessional Lending
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Ghana retains its position as the top recipient of concessional lending from the International Monetary Fund (IMF) in Africa, according to recent data highlighting the country’s debt exposure and ongoing efforts to bolster its economy.
According to a report by Joy Business, As of January 31, 2024, Ghana’s indebtedness to the IMF’s Concessional Lending and Debt Relief Trust amounted to 2.088 billion Special Drawing Rights (SDR), equivalent to $2.77 billion.
This figure represents an increase from previous records, indicating sustained reliance on IMF support to address economic challenges.
<img class=”image lazyloaded imgWithMetaData” title=”Ghana remains most indebted African country to IMF in terms of Concessional Lending” src=”data:;base64,” alt=”Ghana remains most indebted African country to IMF in terms of Concessional Lending” width=”697″ height=”253″ data-original=”https://ocdn.eu/pulscms-transforms/1/9obktkpTURBXy85Mzc2NDMzYzYxYjJkMjgxYjRmMDc0YjVhZGEzNThjMC5wbmeRlQLNArnM_cLD” />
Despite the significant debt burden, Ghana has demonstrated a commitment to fiscal responsibility by repaying SDR 61 million ($81.13 million) to the IMF.
Notably, the nation’s loans are classified as concessional, featuring low-interest financing terms through the IMF’s Poverty Reduction and Growth Trust (PRG Trust).
Ghana tops Africa’s IMF Concessional debt list
Ghana’s proactive engagement with the IMF reflects a pragmatic approach to addressing economic vulnerabilities and fostering long-term growth.
https://www.pulse.com.gh/business/ghana-tops-africas-imf-concessional-debt-list/f3740vn
