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Argentina, not Ghana, is IMF’s biggest debtor

Claim: Founder of the All People’s Congress (APC), Hassan Ayariga, claims Ghana has the biggest loan from the International Monetary Fund (IMF). 

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Verdict: False. According to the International Monetary Fund (IMF), Argentina’s highest loan is $30 billion in debt, while Ghana is placed 12th with a $1 billion debt. 

Full Text 

The All People’s Congress (APC) Founder Hassan Ayariga has claimed that Ghana has the highest amount borrowed from the International Monetary Fund (IMF) compared to any other country.

The claim can be found by referencing 5:19-5:32 during an exclusive interview with Mr Ayariga conducted by TV3’s Roland Walker. The interview was featured on TV3’s morning show, Newday, on Jan. 4, 2024, and is available on the channel’s YouTube platform, which has over 600,000 subscribers. 

In the interview, he said, “We are the highest country that has borrowed so far from the International Monetary Fund (IMF) than any other country. We are on top. Ghana is number one.”

Verification 

First, with the mention of the International Monetary Fund (IMF), DUBAWA’s research was geared toward finding data from the organisation to confirm the claim’s veracity. 

The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering from economic difficulties. 

The theme “Total IMF Credit Outstanding Movement” is displayed on its website, which means the countries that owe the most money to the IMF. 

IMF’s TOP 12 BIGGEST DEBTORS 
COUNTRIES DEBT AMOUNT
Argentina$30,412,500,000
Egypt$11,548,583,342
Ukraine$9,043,214,173
Ecuador$5,924,729,168
Pakistan$5,630,125,002
Colombia$3,750,000,000
Angola$3,079,316,668
South Africa$2,669,800,000
Kenya$2,051,790,000
Côte d’Ivoire$2,048,785,704
Nigeria$1,840,875,000
Ghana$1,644,377,000
Source: IMF  

From the table above, Ghana is not the highest debtor. Argentina holds that position with a debt of $30,412,500,000. Ghana is ranked 12th on the list, indicating that it has a relatively lower debt compared to many other countries in the table.

Source: IMF 

DUBAWA also provided an overview of Africa’s top 5 biggest debtors to ascertain if Ghana is leading among them. We discovered that Ghana ranks as the seventh African country with the highest debt. 

Source: IMF 

Conclusion 

The claim by the founder of the APC, Mr Ayariga, that Ghana is the IMF’s biggest debtor is false. Argentina is the first.

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