SDR

Ghana Retains 1st Position As Africa’s Highest Borrower From IMF
18 Sep

Ghana Retains 1st Position As Africa’s Highest Borrower From IMF

wontumionlineBusiness, ,
Ghana retained its position in Africa as the most indebted country to the International Monetary Fund as the country’s loan to the Fund shot up by 35.3% in the second quarter of 2023. According to the Fund’s Quarterly Finances July-ending 2023, the country’s outstanding loans to the Bretton Wood institution stood at Special Drawing Rights 1.689 billion as of July 31, 2023, equivalent to $2.227 billion. This is $451 million SDR, higher than the 1.246 billion SDR recorded as of April 30, 2023. Ghana received $600 million as a bailout package from the IMF in June 2023 to revive its…
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IMF Increases Interest Rate On SDR To 2.99%; Ghana To Pay More For Fund-backed Loans
10 Jan

IMF Increases Interest Rate On SDR To 2.99%; Ghana To Pay More For Fund-backed Loans

wontumionlineBusiness, , ,
Ghana and other countries seeking loan from the International Monetary Fund (IMF) will pay additional lending rate, as the Bretton Wood institution has increased the yield on its Special Drawing Rights (SDR) by some 210 basis points (2.1%). This took effect on January 6, 2022. Now, the rate of interest on SDR stands at 2.999%, from the previous 0.89%. One US dollar is also equivalent to 0.75983. The increase in the interest rate of the SDR indicates that member countries of the IMF will pay more for loans from the Fund. Ghana is seeking an IMF-support programme to the tune…
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