Ghana ranks as Africa’s fourth most indebted country to the IMF, owing over $3.6 billion in outstanding obligations, according to the latest IMF data released in May 2026.
Ghana has emerged as the fourth most indebted African country to the International Monetary Fund (IMF), with outstanding obligations to the Bretton Woods institution standing at 2.72 billion Special Drawing Rights (SDRs), equivalent to more than $3.6 billion based on current IMF exchange rates.
According to the latest IMF data as of May 15, 2026, African countries continue to feature prominently among nations with high outstanding obligations to the Fund, reflecting ongoing fiscal pressures, debt restructuring efforts, and post-crisis economic recovery programmes across the continent.
The figures, recorded in SDRs, place Egypt as Africa’s most indebted country to the IMF by a wide margin, followed by Côte d’Ivoire and Kenya. Ghana ranks fourth, with outstanding IMF credit of approximately SDR 2.72 billion, equivalent to about $3.64 billion.
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Dr Cassiel Ato Forson with IMF officials
Ghana remains one of the IMF’s largest borrowers in Africa, underlining both the scale of financial support received and the depth of the economic challenges the country has faced in recent years.
Meanwhile, the Government of Ghana has announced the successful completion of its Extended Credit Facility (ECF) programme with the IMF, describing it as a major step towards restoring macroeconomic stability and debt sustainability ahead of schedule.
Governor of the Bank of Ghana, Dr. Johnson Asiama, Kristalina Georgieva, the head of the International Monetary Fund and Minister for Finance, Dr. Cassiel Ato Forson
In a statement issued, the government said Ghana would transition to a non-financing Policy Coordination Instrument (PCI) arrangement with the IMF.
Government also revealed that Ghana’s sovereign credit ratings had improved from restricted default status to a ‘B’ rating with a positive outlook, describing the development as “five distinct rating level upgrades”.
It further disclosed that Ghana’s gross international reserves had reached a record high of approximately $14.5 billion by February 2026, representing nearly six (6) months of import cover.
The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 18, 2013. REUTERS/Yuri Gripas
According to government, the transition to the Policy Coordination Instrument does not amount to another bailout programme.
10 most indebted African countries to the IMF
| Rank | Country | Debt (SDRs) | Approx. Debt (USD) |
|---|---|---|---|
| 1 | Egypt | 7,245,182,524 | $9,636,092,757 |
| 2 | Côte d’Ivoire | 3,603,438,776 | $4,792,573,572 |
| 3 | Kenya | 2,873,418,234 | $3,821,646,250 |
| 4 | Ghana | 2,727,468,500 | $3,627,533,105 |
| 5 | Angola | 2,437,716,676 | $3,242,163,179 |
| 6 | DR Congo | 2,196,550,004 | $2,921,411,505 |
| 7 | Ethiopia | 1,764,502,000 | $2,346,78 |
