Ghana has been ranked the fifth most indebted country in Africa to the International Monetary Fund (IMF) as of October 2025, reflecting the country’s
Ghana has been ranked the fifth most indebted country in Africa to the International Monetary Fund (IMF) as of October 2025, reflecting the country’s ongoing reliance on external financial support amid its economic recovery efforts.
According to the latest IMF debt data, the outstanding loan to the Fund stands at 2.59 billion Special Drawing Rights (SDR) — equivalent to approximately $3.4 billion.
The figure places Ghana behind Egypt, Côte d’Ivoire, Kenya, and Angola, highlighting the country’s deepening engagement with the Bretton Woods institution as it navigates persistent fiscal challenges.
Regional Debt Snapshot
Egypt tops the list with 6.89 billion SDR, followed by Côte d’Ivoire with 3.10 billion SDR, Kenya at 3.01 billion SDR, and Angola with 2.66 billion SDR.
Notably, economic heavyweights such as Nigeria and Morocco remain outside the top ten, signaling a divergence in borrowing trends across Africa’s major economies.
IMF Journey
Ghana’s position reflects the cumulative effect of its recent engagement with the IMF under the Extended Credit Facility (ECF) arrangement signed in May 2023, which marked the country’s 17th programme since independence.
The $3 billion bailout package was approved to help restore macroeconomic stability following a severe fiscal crisis that saw inflation peak above 54%, the cedi depreciate sharply, and public debt soar beyond sustainable levels.
Under the programme, Ghana has so far received three tranches of disbursements — totalling about $2.1 billion — tied to structural reforms, fiscal discipline, and debt restructuring commitments.
The country’s government, led by President John Dramani Mahama, has maintained that IMF support remains crucial for rebuilding investor confidence and ensuring long-term fiscal sustainability.
Debt Overhang And Fiscal Concerns
While IMF loans provide temporary relief and budgetary support, they also increase a country’s overall debt burden.
The rising level of IMF borrowing underscores the need for prudent fiscal management, especially as Ghana continues to negotiate debt restructuring terms with external creditors under the G20 Common Framework.
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