Ghana has sustained its position as the fifth most indebted African nation to the International Monetary Fund, with outstanding credit obligations reaching Special Drawing Rights (SDR) 2.70 billion as of August 2025.
The country’s ranking remains unchanged from July 2025 data, reflecting the stability of its current debt profile amid ongoing economic restructuring efforts.
Egypt continues to dominate Africa’s IMF debt landscape, topping the continental list with SDR 7.18 billion, though this represents a marginal decline from July figures.
Côte d’Ivoire holds second position with SDR 3.10 billion, while Kenya occupies third place with SDR 3.02 billion. The Democratic Republic of Congo follows closely behind Ghana in sixth position, with Ethiopia, Tanzania, Cameroon, and Zambia completing the top ten most indebted African countries to the Fund.
Ghana’s current debt position reflects the country’s ongoing engagement with the IMF under its Extended Credit Facility arrangement, which was secured in 2023 as part of efforts to address the nation’s fiscal challenges and restore macroeconomic stability.
The SDR 2.70 billion outstanding represents funds received through various IMF programs designed to support Ghana’s economic recovery and structural reforms.
The Special Drawing Rights system, used as the IMF’s unit of account, provides a more stable measurement than individual currencies subject to exchange rate fluctuations.
At current conversion rates, Ghana’s SDR 2.70 billion translates to approximately $3.6 billion in outstanding obligations to the international lending institution.
This debt positioning comes as Ghana continues implementing comprehensive economic reforms under IMF guidance, including fiscal consolidation measures, debt restructuring initiatives, and governance improvements.
The country’s participation in the Common Framework for Debt Treatments has enabled negotiations with bilateral and commercial creditors to achieve sustainable debt levels.
Recent projections from financial analysts suggest Ghana’s debt-to-GDP ratio is anticipated to improve significantly, potentially falling to 54% by January 2025, down from 61.8% recorded at the end of December 2024.
This represents substantial progress toward achieving debt sustainability targets established under the IMF program framework.
The broader African context reveals the continent’s continued reliance on IMF financing, with 47 African nations representing 52% of the 91 countries globally that maintain outstanding obligations to the Fund.
This underscores the widespread nature of fiscal challenges across sub-Saharan Africa and the critical role of multilateral lending institutions in supporting economic stability.
Ghana’s consistent fifth-place ranking, despite ongoing reforms, highlights the complexity of reducing IMF debt while maintaining essential government operations and social programs.
The country’s economic managers face the delicate balance of meeting IMF program requirements while ensuring adequate resources for development priorities and poverty reduction initiatives.
Looking ahead, Ghana’s trajectory within Africa’s IMF debt rankings will largely depend on successful implementation of ongoing reforms, economic growth performance, and the effectiveness of debt restructuring negotiations with various creditor groups.
Story Written By Prince Asante Kwarteng | Kobby Kyei Media
