Ghana remains the fourth-largest debtor to the International Monetary Fund (IMF) in Africa. The nation's outstanding obligations to the global financial body reached Special Drawing Rights (SDR) 2.72 billion in May 2026. This figure marks a notable increase from SDR 1.96 billion observed at the start of the year in January 2026. This latest debt level is equivalent to approximately US$3.88 billion.
The surge in Ghana's debt to the IMF is directly linked to the disbursements received under the country's Extended Credit Facility (ECF) program. This economic support arrangement aims to assist Ghana in addressing its balance of payment challenges and implementing necessary reforms. The inflows from this facility have contributed significantly to the rising debt figures owed to the Bretton Woods institution.
Globally, Egypt leads African nations in IMF debt, owing SDR $7.24 billion. Côte d'Ivoire follows closely in second place with SDR 3.60 billion. Kenya is listed third with SDR 2.87 billion, placing Ghana fourth. Angola and the Democratic Republic of Congo rank fifth and sixth respectively, indicating a significant concentration of debt among several African economies.
The IMF recently acknowledged Ghana's progress. On May 15, 2026, the Fund completed its 2026 Article IV Consultation. It also reached a staff-level agreement on the sixth review of Ghana's ECF program. Additionally, a new 36-month Policy Coordination Instrument request was agreed upon. The IMF noted improvements in Ghana's debt trajectory, suggesting fiscal space for development goals.
However, the IMF cautioned that this fiscal space is fragile. It depends heavily on strong implementation of ambitious public financial management and structural reforms. These reforms are crucial to manage risks associated with contingent liabilities, which are potential future debts. Ghana concluded 2025 with a total debt stock of GH¢641 billion. The debt-to-Gross Domestic Product (GDP) ratio for 2025 slowed to 45.3%. This is a decrease from GH¢726.7 billion in 2024, when the debt-to-GDP ratio was 61.8%.