Ghana’s outstanding loans to the International Monetary Fund fell slightly to 1.28 billion Special Drawing Rights (SDR), equivalent to $1.68 billion as of the end of October 2022.

According to the Fund’s Quarterly Finances, the country is still ranked as number one in Africa with the largest outstanding debt to the Bretton Wood institution.

The outstanding debt represents 8% of the total number of African countries indebted to the Fund.

This is however one percent lower than what was recorded in July 2022. It is also equivalent to 174% of the country’s quota or share of monies borrowed from the Bretton Wood institution.

In July 2022, the country’s loans outstanding to the Fund were estimated at 1.31 billion SDR, equivalent to about $1.69 billion.

The loans outstanding exclude the Covid-19 support of which the country received more than $1.2 billion to fight the pandemic and aid economic recovery. However, the country’s debt to the IMF will go up after the approval of a programme by the Board of the Fund by the first quarter of 2023.

As of September 2022, the nation’s external debt was estimated at $28.4 billion, with majority of the loans being commercial.

Meanwhile, Sudan and Democratic Republic of Congo maintained their 2nd and 3rd positions in Africa with the largest outstanding loans of 992 SDR and 990 SDR to the Fund.

The country’s loan exposure to the Bretton Woods institution is classified as concessional lending. Concessional loan comes with a low-interest financing.

The Board of the IMF is expected to approve a $3 billion programme for Ghana by the first quarter of 2023, to aid its economic recovery.