Ghana has maintained its position as the fourth-largest debtor to the International Monetary Fund (IMF) in Africa as it entered 2026, even as the country makes steady progress in trimming its outstanding obligations.
Latest figures show that Ghana’s credit exposure to the IMF stood at Special Drawing Rights (SDR) 1.96 billion in February 2026 equivalent to approximately US$2.84 billion. The reduction reflects repayments made under the country’s IMF-supported programme and signals a gradual easing of its debt burden to the Bretton Woods institution.
The current figure marks a notable improvement from the SDR 2.85 billion recorded on December 22, 2025, highlighting Ghana’s continued commitment to meeting its repayment obligations and stabilising its external finances.
Across the continent, Egypt remains the IMF’s largest African debtor, with outstanding obligations of US$5.88 billion. Cote d lvoire follows in second place with US$3.62 billion, while Kanye anks third at US$2.93 billion. Angola occupies the fifth position, owing US$2.49 billion to the Fund.
Beyond its IMF obligations, Ghana’s broader public debt profile has shown mixed trends in recent months. Government data indicate that total public debt declined by roughly GH¢40 billion between September and November 2025, settling at GH¢644.6 billion. This brought the debt-to-GDP ratio to about 45.5 percent, reflecting the impact of fiscal consolidation measures and ongoing debt restructuring efforts.
However, in dollar terms, the picture appears more nuanced. Ghana’s total public debt stood at US$57.2 billion in November 2025 slightly lower than the US$57.8 billion recorded in October, but higher than the US$55.1 billion reported in September. The fluctuations have largely been attributed to exchange rate movements over the period.
Meanwhile, data from the Bank of Ghana indicate that total public debt stood at GH¢630.2 billion in October 2026, underscoring continued adjustments in the country’s debt stock as authorities pursue macroeconomic stabilisation and fiscal discipline.
While the numbers suggest gradual progress, Ghana’s position among Africa’s top IMF debtors highlights the scale of the financial commitments it continues to manage as part of its broader economic recovery strategy.
Source: Norvanreport
