Ghana has maintained its position as the fourth highest debtor to the International Monetary Fund (IMF) in Africa, with its debt rising to Special Drawing Rights (SDR) 2.72 billion, equivalent to about US$3.88 billion.
This marks an increase from the SDR 1.96 billion recorded in January 2026, largely driven by disbursements under the country’s Extended Credit Facility programme with the IMF.
Egypt remains the continent’s biggest debtor to the Fund with SDR 7.24 billion, followed by Côte d’Ivoire with SDR 3.60 billion, while Kenya, Angola and DR Congo complete the top six.
Despite the growing IMF exposure, the Fund recently praised Ghana’s improving debt trajectory after concluding the 2026 Article IV Consultation and reaching a staff-level agreement on the sixth review of the ECF programme and a new 36-month Policy Coordination Instrument.
The IMF noted that Ghana’s reforms have created fiscal space for development while cautioning that sustained discipline and structural reforms remain necessary to manage risks linked to contingent liabilities.
Ghana’s total public debt declined from GH¢726.7 billion in 2024 to GH¢641 billion by the end of 2025, with the debt-to-GDP ratio improving significantly from 61.8 percent to 45.3 percent.
The Fund also stressed the need for stronger public financial management reforms to preserve recent macroeconomic stability gains as the country continues efforts to rebuild investor confidence and stabilize the economy.
