- Ghana Ranks Third Among Africa’s Largest IMF Borrowers with US$4.06 Billion Outstanding
Ghana ended July 2026 as Africa’s third-largest borrower from the International Monetary Fund, with outstanding credit of SDR2.99 billion, equivalent to approximately US$4.06 billion, after receiving approval for ECF programme disbursement from the IMF Board.
Only Egypt and Côte d’Ivoire owed the Fund more. Egypt remained the continent’s largest IMF borrower with SDR6.67 billion, or about US$9.04 billion, outstanding, followed by Côte d’Ivoire with SDR4.14 billion, equivalent to roughly US$5.62 billion.
The figures are based on the IMF’s record of total credit outstanding as of July 31, 2026. They measure unpaid IMF loans rather than each country’s overall public debt, which also includes domestic borrowing, Eurobonds, bilateral loans and obligations to other multilateral institutions.
Ghana’s outstanding IMF credit increased from SDR2.73 billion at the end of June in July. No repayment was recorded for Ghana during the month, taking its balance to SDR2.99 billion.
At the prevailing July conversion rate of about US$1.36 per SDR, Ghana’s exposure was approximately US$4.06 billion. The conversion is indicative because the dollar value of SDR-denominated obligations changes with the daily value of the IMF’s currency basket.
Kenya ranked fourth with SDR2.85 billion, followed by the Democratic Republic of Congo with SDR2.43 billion and Angola with SDR2.23 billion.
Ethiopia’s outstanding credit rose to SDR2.09 billion after it received SDR342.05 million and repaid SDR13.36 million during July. Tanzania followed with SDR1.66 billion after securing a new SDR326.49 million disbursement.
Zambia ranked ninth with SDR1.27 billion, while Cameroon completed the top 10 with SDR1.10 billion.
Together, the 10 countries owed the IMF approximately SDR29.87 billion at the end of July, equivalent to about US$40.51 billion. Egypt alone accounted for roughly 22.32% of that combined exposure, while Côte d’Ivoire and Ghana represented approximately 13.88% and 10.02%, respectively.
The ranking was:
- Egypt — SDR6.67 billion
- Côte d’Ivoire — SDR4.14 billion
- Ghana — SDR2.99 billion
- Kenya — SDR2.85 billion
- Democratic Republic of Congo — SDR2.43 billion
- Angola — SDR2.23 billion
- Ethiopia — SDR2.09 billion
- Tanzania — SDR1.66 billion
- Zambia — SDR1.27 billion
- Cameroon — SDR1.10 billion.
Egypt’s balance declined during July after it repaid SDR194.02 million, although the country subsequently secured approval for further financing under its Extended Fund Facility and Resilience and Sustainability Facility arrangements.
The concentration of IMF lending in a relatively small number of African economies reflects the repeated balance-of-payments, debt and foreign-exchange pressures experienced across the continent.
IMF financing can provide governments with foreign currency, rebuild reserves and support economic reforms when commercial market access is limited or prohibitively expensive.
However, a large outstanding balance does not by itself prove that a country’s debt position is unsustainable. The burden depends on the size of the economy, repayment schedule, export earnings, reserve position and the government’s ability to meet future obligations without sacrificing essential expenditure.
For Ghana, the higher July balance reflects continued financing under its IMF-supported recovery programme. The funds provide external liquidity and budget support while the country completes debt restructuring and rebuilds macroeconomic stability.
The longer-term test is whether the programme enables Ghana to restore durable market access, increase exports and strengthen public finances before IMF repayments become more substantial.
The ranking therefore captures both the scale of support received and the obligations accumulating behind Africa’s economic adjustment programmes.
While IMF credit can provide essential breathing room during a crisis, it is temporary financing. Countries must ultimately replace repeated external support with stronger domestic revenue, sustainable debt management and economies capable of generating sufficient foreign exchange to finance development and repay their obligations.
