Ghana now fifth most indebted African country to IMF
By Praisebell Rosemond Larbi
Ghana has emerged as the fifth most indebted country in Africa to the International Monetary Fund (IMF) as of October 2025, underscoring the country’s continued reliance on external financial support amid ongoing economic recovery efforts.
According to the latest data from the IMF, Ghana’s outstanding obligations to the Fund stood at 2.59 billion Special Drawing Rights (SDR), equivalent to approximately USD3.4 billion at current exchange rates.
The ranking places Ghana behind Egypt, Côte d’Ivoire, Kenya and Angola, which occupy the first four positions on the continent in terms of total debt owed to the IMF.
Egypt tops the list with an outstanding loan of 6.89 billion SDR, followed by Côte d’Ivoire with 3.10 billion SDR, Kenya with 3.01 billion SDR, and Angola with 2.66 billion SDR. Ghana’s exposure to the IMF stems mainly from its Extended Credit Facility (ECF) programme, which aims to restore macroeconomic stability, strengthen fiscal discipline and rebuild external buffers.
Notably, Nigeria and Morocco, two of Africa’s largest economies, remain outside the continent’s top ten list of IMF debtors.
Ghana’s high indebtedness to the Fund reflects the country’s fiscal challenges in the wake of global economic disruptions, currency depreciation and domestic revenue constraints. The loans from the IMF provide short- to medium-term financial relief, enabling governments to meet balance of payments needs and maintain essential public spending.
However, economists warn that such borrowing, while beneficial in the short term, adds to overall public debt levels and may limit fiscal flexibility due to the policy conditions attached to IMF programmes.
These conditions often include austerity measures, fiscal consolidation targets and structural reforms aimed at ensuring debt sustainability.
As of mid-2025, Ghana’s total public debt stood at GHS628.8 billion, representing 44.9 per cent of GDP, according to the Bank of Ghana. With external repayments and IMF obligations continuing to rise, fiscal prudence remains crucial to maintaining the country’s debt sustainability trajectory.
