Ghana is 7th most indebted African country to the IMF

Ghana has been listed as the 7th among African countries carrying the highest debts to the International Monetary Fund (IMF) with an amount of $1,644,377,000.

As of December 6, 2023, the Fund's official website revealed the ten African countries carrying the highest debts to the organization.

Egypt was the most indebted with US$11,968,321,674 followed by Angola, South Africa, and Cote d'Ivoire with an amount of US$3,153,816,667, US$2,669,800,000, US$2,117,559,620 respectively

This list highlights the current economic challenges faced by these nations.

The International Monetary Fund (IMF) plays a role by extending monetary assistance to governments grappling with economic hardships. However, the ramifications of IMF loans on national economies, especially in certain regions of Africa where debt becomes unsustainable.

Typically viewed as a last resort, nations often turn to the IMF during economic crises to stabilize their financial systems. These loans act as a financial cushion, mitigating the economic adversities that countries may be experiencing.

Furthermore, such global financial support can temporarily bolster a nation's finances until a more sustainable solution to economic problems is devised.

Additionally, an IMF loan can enhance a country's credibility in the eyes of foreign investors, potentially leading to increased foreign direct investment and improved access to global capital markets.



AM/SARA

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