Top 10 African Countries With the Highest Debt to the IMF
YEN.com.gh takes a look at Ghana's ranking among the most indebted countries to the IMF on the continent, as well as its history with the Bretton Woods institution
The International Monetary Fund (IMF) lends under concessional and non-concessional arrangements or can provide outright loans.
A lending arrangement, which is similar to a line of credit, is approved by the IMF Executive Board to support a country's economic and financial program.
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The arrangement requires the country in need to observe specific terms and be subject to periodic reviews to continue to draw upon it.
An outright loan is also approved by the IMF Executive Board; however, it does not require a member to observe specific terms.
Ghana has been party to such arrangements on 17 occasions, most recently in 2022.
Ghana started restructuring its public debt in December 2022 to qualify for the $3 billion support from the IMF.
Under the Akufo-Addo administration, the country received $600 million when it agreed to the IMF programme in May 2023.
However, further disbursements have been contingent on restructuring the country's debt.
In October 2023, the IMF reached a staff-level agreement with Ghana on the first review of Ghana's economic program under the Extended Credit Facility arrangement.
After taking power, President John Mahama said there were no plans to extend Ghana’s current $3 billion Extended Credit Facility with the IMF.
What happens during an IMF deal?
In order to restore macroeconomic stability, countries that receive IMF assistance are usually obliged to undertake some economic changes.
Governments that rely significantly on IMF loans may also owe debt to other multilateral institutions, bilateral lenders, and foreign bond markets.
Managing these obligations can put a strain on government finances, especially if economic development slows or export income falls.
Typically, IMF loans can be crucial in assisting nations in stabilising their economy during difficult financial times.
On the other hand, countries that rely too heavily on IMF borrowing may be subject to stringent policy requirements, little fiscal autonomy, and difficulties with long-term debt management.
Top 10 African countries indebted to the IMF
The table below outlines the top 10 African countries indebted to the IMF as of March 2026.
1 | Egypt | $7,554,108,357 |
2 | Côte d'Ivoire | $3,625,118,776 |
3 | Kenya | $2,939,459,067 |
4 | Ghana | $2,836,139,000 |
5 | Angola | $2,498,691,676 |
6 | DRC | $2,223,200,002 |
7 | Ethiopia | $1,764,502,000 |
8 | Tanzania | $1,335,730,000 |
9 | Zambia | $1,271,660,000 |
10 | Cameroon | $1,180,590,000 |
What is Ghana's history with the IMF?
Ghana has been to the IMF for support on 17 different occasions. Ghana has turned to the IMF on average every four years over the past 7 decades.
Ghana came out of its last IMF programme in 2019 with some significant macroeconomic gains.
It had been forced to tap IMF assistance to deal with economic shocks like the 2014 to 2017 commodities price slump, reckless spending in the lead up to elections, especially and a prolonged power crisis.
Find below a table outlining the 16 IMF deals Ghana has completed.
Facility | Date of Arrangement | Expiration Date 4/ | Amount Agreed | Amount Drawn | Amount Outstanding |
Extended Credit Facility | Apr 03, 2015 | Apr 02, 2019 | 664,200 | 531,360 | 531,360 |
Extended Credit Facility | Jul 15, 2009 | Jul 23, 2012 | 387,450 | 387,450 | 257,641 |
Extended Credit Facility | May 09, 2003 | Oct 31, 2006 | 184,500 | 184,500 | 0 |
Extended Credit Facility | May 03, 1999 | Nov 30, 2002 | 228,800 | 176,218 | 0 |
Extended Credit Facility | Jun 30, 1995 | May 02, 1999 | 164,400 | 137,000 | 0 |
Extended Credit Facility | Nov 09, 1988 | Mar 05, 1992 | 388,550 | 388,550 | 0 |
Extended Fund Facility | Nov 06, 1987 | Nov 09, 1988 | 245,400 | 97,550 | 0 |
Structural Adjustment Facility Commitment | Nov 06, 1987 | Nov 09, 1988 | 129,858 | 40,900 | 0 |
Standby Arrangement | Oct 15, 1986 | Oct 14, 1987 | 81,800 | 81,800 | 0 |
Standby Arrangement | Aug 27, 1984 | Dec 31, 1985 | 180,000 | 180,000 | 0 |
Standby Arrangement | Aug 03, 1983 | Aug 02, 1984 | 238,500 | 238,500 | 0 |
Standby Arrangement | Jan 10, 1979 | Jan 09, 1980 | 53,000 | 32,000 | 0 |
Standby Arrangement | May 29, 1969 | May 28, 1970 | 5,000 | 5,000 | 0 |
Standby Arrangement | May 28, 1968 | May 27, 1969 | 12,000 | 12,000 | 0 |
Standby Arrangement | May 25, 1967 | May 24, 1968 | 25,000 | 25,000 | 0 |
Standby Arrangement | May 17, 1966 | May 16, 1967 | 36,400 | 31,400 | 0 |
Source: YEN.com.gh
