According to a Joy Business report, Ghana has the greatest outstanding debt to the Bretton Woods institution according to the International Monetary Fund (IMF).

According to the Fund's most recent Quarterly Finances report for the period ending July 2022, Ghana's outstanding debt obligations are anticipated to be worth 1.31 billion SDRs, or roughly $1.69 billion.

According to the report's further explanation, Ghana's unpaid loans make up 9% of the overall amount owed by African nations to the Fund but unpaid loan commitments.

It added that the percentage is equivalent to 178 percent of its share of monies borrowed from the IMF.

The Quarterly Finances report, however, excluded COVID-19-related and economic support received by Ghana which amounts to more than $1.2 billion from the Fund.

Ghana’s loan exposure has since been classified by the IMF as concessional lending – which comes with low-interest financing.

Meanwhile, Ghana’s external debt component was pegged at $28.1 billion as of June 2022, with a large portion of the loans used for commercial purposes.

The IMF rankings have also placed Sudan and the Democratic Republic of Congo in 2nd and 3rd in Africa with the largest outstanding loans.

The two countries have Special Drawing Rights of 992 million and Special Drawing Rights of 990 million respectively.