List of Top 10 African Countries With Biggest IMF Loans in September 2026
- Egypt holds SDR 7.86 billion in IMF credit, making it the continent's single largest borrower as of September 15, 2026
- Africa's total outstanding IMF credit fell marginally to SDR 39.9 billion, with Ghana recording the largest single repayment on the continent
- Kenya ranks fourth on the list despite the IMF flagging concerns over the country's public debt levels
Ghana’s top stories, now easier to find. Discover our new search feature!
Egypt remains the largest African borrower from the International Monetary Fund, holding SDR 7.86 billion (approximately $10.8 billion) in outstanding credit as of 15 September 2026, according to the latest financial data published by the Fund.
The figures show that African nations collectively owed SDR 39.9 billion (roughly $54.7 billion) to the IMF at that date, a slight decrease from the SDR 39.92 billion recorded at the end of August.
Source: Getty Images
The marginal decline was driven by repayments from Ghana, Mauritania, Mali, and São Tomé and Príncipe.
Egypt's outstanding balance remained unchanged during the first half of September, with no new disbursements or repayments recorded in that window.
The country's borrowing is structured under an Extended Fund Facility and a Resilience and Sustainability Facility.
The IMF Executive Board completed its seventh review under the Extended Fund Facility on 30 July 2026, releasing an additional $1.8 billion to Cairo.
Egypt's share alone represents close to 20% of the continent's entire outstanding credit with the Fund.
Côte d'Ivoire ranks second with SDR 4.14 billion ($5.7 billion), placing it notably ahead of far larger economies. Nigeria, for instance, does not appear on the list at all.
Ranking of countries and IMF Credit Outstanding (SDR) below.
- Egypt 7,861,227,527
- Côte d'Ivoire 4,143,977,044
- Ghana 2,986,726,500
- Kenya 2,845,599,901
- Democratic Republic of the Congo 2,426,925,004
- Angola 2,230,908,346
- Ethiopia 2,085,670,500
- Tanzania 1,662,220,000
- Zambia 1,271,660,000
- Cameroon 1,098,710,000
Ghana Makes Largest Continental Repayment
Ghana holds third position with SDR 2.99 billion ($4.1 billion) after making a repayment of SDR 6.64 million during the period.
That figure represents the largest single repayment recorded across the African continent in the first half of September 2026.
Kenya sits in fourth place with SDR 2.85 billion ($3.9 billion), with no disbursements or repayments logged during the same period.
The IMF has previously called on Kenya to pursue fiscal consolidation and expand its revenue base, noting that public debt remains elevated at close to 65% of gross domestic product.
The data underscores the continued reliance of several African economies on IMF financing, with the top four borrowers alone accounting for the bulk of the continent's total outstanding credit.
Mahama speaks on economic turnaround
On January 25, YEN.com.gh reported that Mahama expressed surprise at the improvement in key indicators of the economy.
He described the rapid recovery as only by the grace of God and had expected it to take about two years to see an economic turnaround.
After inheriting an economy weighed down by inflation above 23%, interest rates north of 30%, and a sharply depreciating cedi, the Mahama administration oversaw a significant reversal of the country's fortunes in 2025.
Don't miss out! Get your daily dose of sports news straight to your phone. Join YEN's Sports News channel on WhatsApp now!
Source: YEN.com.gh
