Ghana has maintained its ranking as the fourth-largest debtor in Africa to the International Monetary Fund (IMF), with its outstanding obligations increasing to 2.72 billion Special Drawing Rights, roughly equivalent to $3.74 billion based on current exchange rates.
This latest figure represents a rise from the 1.96 billion SDR reported in January 2026, driven by additional funds disbursed under Ghana’s Extended Credit Facility arrangement.
Across the continent, Egypt continues to hold the highest level of IMF debt at 7.24 billion SDR. It is followed by Côte d’Ivoire with 3.60 billion SDR, while countries such as Kenya, Angola, and the Democratic Republic of the Congo also feature prominently among Africa’s top borrowers from the Washington-based financial institution.
On May 15, the IMF announced that it had concluded its 2026 Article IV consultation with Ghana and reached a staff-level agreement on the sixth review of the country’s Extended Credit Facility programme, alongside approval of a new 36-month Policy Coordination Instrument request.
The Fund noted that Ghana’s improving debt outlook had created room to “advance development objectives while preserving hard-won stabilisation gains.” However, it emphasised that sustained progress would depend on strict adherence to public financial management reforms and broader structural adjustments aimed at reducing risks linked to contingent liabilities.
Official figures from the government show that Ghana’s total public debt declined to GH¢641 billion at the end of 2025, compared to GH¢726.7 billion recorded the previous year. The debt-to-GDP ratio also improved significantly, dropping to 45.3 percent from 61.8 percent in 2024.