External sources:

Most countries have contracted external public debt through the following sources;

i. Paris Club of Creditors: It represents only government guaranteed creditors. Membership includes the United States of America, United Kingdom, Federal Republic of Germany, France and Ghana who guarantees and export activities of their nationals through their Official Export Credit Agencies.

ii. London Club of creditors: These are mainly uninsured and unguaranteed debts extended by commercial banks in some industrialised countries to nationals of debtor nations.

iii. Multilateral creditors: These are international institutions funded by member nations. They include the World Bank Group, International Monetary Fund (IMF), African development Bank (ADB) Group, International Fund for Agricultural Development (IFAD), etc. These institutions provided credit for development purposes, balance of payments support and private ventures.

iv. Bilateral Creditors: A bilateral credit is provided by a government to another government. Bilateral credits are usually meant for developmental projects in the recipient country.