Ghana has been ranked 5th in Africa for its outstanding debt to the International Monetary Fund as of August 2025.
According to the latest figures from the IMF, the country owes approximately $2.70 billion in Special Drawing Rights, the same level recorded in July.
Topping the list is Egypt, with the highest debt on the continent at SDR 7.18 billion, although slightly down from the previous month. Cote d’Ivoire and Kenya follow in second and third place, with SDR 3.10 billion and SDR 3.02 billion respectively.
The rest of the top ten includes DR Congo, Ethiopia, Tanzania, Cameroon, and Zambia.
While IMF support can provide critical relief for struggling economies, experts warn that heavy and prolonged borrowing can undermine long-term economic independence and policy flexibility.
Analysts say that for many African nations, the concern isn’t just the financial burden, but the restrictive conditions that often accompany IMF loans.
They caution that avoiding long-term debt traps is key to ensuring sustainable growth and maintaining economic sovereignty.
Ghana has an ongoing IMF-supported $3 billion Extended Credit Facility (ECF) program approved in May 2023, which aims to restore macroeconomic stability and debt sustainability.
Recent updates include the completion of the fourth review in July 2025, which allowed for a $370 million disbursement, though the program faced challenges with fiscal slippages and stalled reforms at the end of 2024.
The government is committed to implementing the necessary economic reforms and has seen positive signs in recent economic performance despite the initial difficulties, according to the Ministry of Finance.
