Ghana has retained its position as the fourth-largest debtor to the International Monetary Fund (IMF) in Africa, with its outstanding obligations rising to Special Drawing Rights (SDR) 2.72 billion, equivalent to approximately US$3.88 billion. The latest figure represents a significant increase from the SDR 1.96 billion recorded in January 2026, mainly due to continued disbursements under Ghana’s Extended Credit Facility (ECF) program with the IMF. According to IMF data, Egypt remains Africa’s largest debtor to the Fund with SDR 7.24 billion, followed by Côte d’Ivoire at SDR 3.60 billion. Kenya, Angola and the Democratic Republic of Congo complete the continent’s top six IMF debtors.
Despite Ghana’s growing exposure to IMF financing, the Fund recently commended the country’s improving economic and debt indicators following the conclusion of the 2026 Article IV Consultation and a staff-level agreement on the sixth review of the ECF program. The IMF also approved discussions for a new 36-month Policy Coordination Instrument aimed at supporting Ghana’s ongoing economic reforms and fiscal consolidation efforts. According to the Fund, Ghana’s reform measures have helped create fiscal space for development spending while improving macroeconomic stability. However, the IMF cautioned that continued fiscal discipline and structural reforms remain necessary to address risks associated with contingent liabilities and debt sustainability.
Government data showed that Ghana’s total public debt declined from GH¢726.7 billion in 2024 to GH¢641 billion by the end of 2025. The country’s debt-to-GDP ratio also improved sharply from 61.8 percent to 45.3 percent over the same period. The IMF further emphasized the need for stronger public financial management reforms to preserve recent gains, restore investor confidence and support long-term economic stability. Ghana entered the IMF-supported program in 2023 as part of efforts to recover from a severe economic crisis marked by high inflation, currency depreciation and mounting debt pressures.
