Ghana remains fourth in Africa for highest IMF debt, despite economic gains

Ghana has maintained its position as the country with the fourth-highest debt to the International Monetary Fund (IMF) in Africa, according to new data released by the Bretton Woods institution.

Despite a marginal decline in its overall national debt in 2025, Ghana’s indebtedness to the Fund has risen to Special Drawing Rights (SDR) 2.72 billion (approximately US$3.88 billion). This marks an increase from the SDR 1.96 billion recorded in January 2026.

The rise is attributed to disbursements received under the Extended Credit Facility (ECF) programme, which continues to provide financial support as the country implements post-pandemic recovery and reform measures.

Egypt, Côte d’Ivoire Top the List

Egypt remains the most indebted African nation to the IMF, with total obligations of SDR 7.24 billion. Côte d’Ivoire follows in second place with SDR 3.60 billion, while Kenya ranks third at SDR 2.87 billion. Angola (SDR 2.493 billion) and the Democratic Republic of Congo round out the top six positions.

Staff-Level Agreement Reached

The latest figures come as the IMF announced on May 15, 2026, the completion of the 2026 Article IV Consultation and a staff-level agreement with Ghana on the Sixth Review of the ECF arrangement. The Fund also approved a request for a 36-month Policy Coordination Instrument (PCI).

In a statement, the IMF commended Ghana for tangible improvements in its debt trajectory, noting that the progress has created fiscal space to advance development objectives while preserving hard-won economic stabilisation.

However, the Fund issued a cautionary note, warning that this fiscal space remains contingent on “strong implementation of ambitious public financial management and structural reforms” to mitigate risks associated with contingent liabilities.

Positive Signs on Total Debt Stock

On a national level, Ghana ended 2025 with a total debt stock of GH¢641 billion, reflecting a significant reduction from the GH¢726.7 billion recorded in 2024. The debt-to-Gross Domestic Product (GDP) ratio slowed to 45.3%, a marked improvement from 61.8% the previous year.

Finance Minister Dr. Cassiel Ato Forson has yet to issue a public statement on the latest IMF debt figures, but government officials have consistently pointed to the declining debt-to-GDP ratio as evidence that the country’s broader economic recovery strategy is yielding results.

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