Faith Nyasuguta
Ghana has retained its position among Africa’s largest borrowers from the International Monetary Fund (IMF), with the country’s obligations to the lender rising to about $3.74 billion in 2026.
According to updated IMF figures, Ghana now owes 2.72 billion Special Drawing Rights (SDRs), up from 1.96 billion SDR earlier this year. The increase reflects additional disbursements received under the country’s Extended Credit Facility programme, which was introduced to help stabilize the economy following years of debt pressure, inflation, and currency instability.
Among African nations, Egypt remains the IMF’s largest borrower with obligations of 7.24 billion SDR, followed by Cote d’Ivoire at 3.60 billion SDR. Kenya, Angola, and the Democratic Republic of Congo also rank among the continent’s major debtors to the Washington-based institution.
Despite the higher borrowing levels, the IMF says Ghana’s economic outlook has shown signs of improvement.
On May 15, the Fund announced it had completed its 2026 Article IV consultation with Ghana and reached a staff-level agreement on the sixth review of the country’s Extended Credit Facility arrangement. The IMF also backed a new 36-month Policy Coordination Instrument designed to support ongoing reforms and economic management.
The Fund said Ghana’s improving debt trajectory has started creating “fiscal space” that could help the government pursue development priorities while maintaining economic stability. However, IMF officials warned that continued progress will depend heavily on strict implementation of financial reforms, stronger public spending controls, and measures aimed at reducing risks tied to state liabilities.
Recent government figures suggest Ghana’s debt burden is beginning to ease. The country’s total public debt stock reportedly declined to 641 billion cedi at the end of 2025, down from 726.7 billion cedi the previous year. Ghana’s debt-to-GDP ratio also fell sharply from 61.8% in 2024 to 45.3% in 2025 – a development authorities have presented as evidence that fiscal reforms are beginning to stabilize the economy.
Still, the country remains under pressure to balance debt repayment obligations with growing public demands for jobs, infrastructure, healthcare, and economic recovery.
For many, Ghana’s situation reflects a broader reality facing several African economies: governments are increasingly relying on international financial institutions to stabilize fragile economies while attempting to avoid deeper debt crises in a challenging global economic environment.
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