Tag: Loans
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Ghana ranks second most indebted African nation to IMF
Ghana has been identified as the second most indebted African nation to the International Monetary Fund (IMF) in terms of concessional lending. According to the IMF’s Quarterly Finances, the country’s outstanding loans to the institution reached $2.914 billion as of October 31, 2024, representing 17% of total African borrowings from the IMF. Only the Democratic…
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Ethiopian Banks Under Pressure as Foreign Competition Looms
The liberalization of the exchange rate for the birr last month has shaken up the banking sector. The country’s 32 banks will now have to adapt to the arrival of new lenders and some may not survive. Foreign banks, long eager to enter the Ethiopian market, are now more motivated than ever. The recent exchange…
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IMF sets strict conditions for Ethiopia’s economic rescue package
The International Monetary Fund has outlined a series of demanding conditions for the Ethiopian government to access funds under its Extended Credit Facility (ECF) program. According to the organization, these conditions are intended to guide Ethiopia towards economic stability but come with critical deadlines and potential consequences for non-compliance. Here are some of the key…
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Burkina Faso, President Traoré rejects IMF Loans
The President of Burkina Faso has rejected IMF loans saying “Africa doesn’t need the World Bank, IMF, Europe, or America. We have what it takes to grow our economy without loans and refuse to be financial slaves.” One of the key reasons cited for rejecting the IMF’s assistance is the belief that such aid could…
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