Ghana drops to 5th position in Africa with highest outstanding debt to IMF

As of January 22, 2025, Ghana ranked 5th in Africa for the highest outstanding debt to the International Monetary Fund (IMF), with a total debt of 2.514 billion Special Drawing Rights (SDRs), equivalent to $3.293 billion.

Egypt remained the top debtor in Africa, owing the IMF SDR 8.666 billion, followed by Kenya (SDR 3.022 billion) and Angola (SDR 2.900 billion). Nigeria and Morocco were outside the top ten.

Africa's external debt has surged, reaching a record $656 billion in 2022, driven by reduced export revenues and slow economic growth, which stood at 3.5% in 2022, below the pre-pandemic average.

The growth forecast for the continent remains modest, with an expected increase to 3.5% in 2024, according to the UN's Unpacking Africa’s Debt report.