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When the IMF granted the Republic of Ghana a three-year bailout arrangement under its extended credit facility in 2015, the multilateral development bank did not fully grasp how much debt the overburdened country really had.
The IMF was aware that the country’s poorly managed state-owned enterprises (SOEs) were a large part of the problem and had to be reformed. In 2015, according to the IMF, SOEs were responsible for losses of 1.8% of GDP and gross liabilities of 13.7%
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