Ghana’s IMF Debt Hits US$2.84bn

Ghana has started 2026 with total debt to the International Monetary Fund (IMF) standing at Special Drawing Rights 1.96 billion, equivalent to US$2.84 billion as of February 2026.

Although the figure keeps the country among the continent’s top IMF debtors, it also reflects ongoing efforts to gradually reduce outstanding obligations through repayments. Compared to previous months, the latest data signals a modest decline in Ghana’s debt to the Fund, offering a cautious sign of progress in the country’s fiscal recovery journey.

Across Africa, only a handful of countries currently owe more to the IMF than Ghana. Egypt maintains the top spot, with an outstanding debt of US$5.88 billion. Côte d’Ivoire follows in second position with US$3.62 billion, while Kenya ranks third with US$2.93 billion. Angola occupies the fifth position with US$2.49 billion.

Ghana’s US$2.84 billion exposure places it firmly in fourth position, a reminder of the scale of financial support the country has relied upon in recent years as it navigated economic turbulence, debt restructuring and fiscal consolidation.

For many economists, the ranking is less about competition and more about context. Countries that approach the IMF typically do so during periods of economic stress, seeking balance of payments support, policy credibility and access to concessional financing. Ghana’s presence on the list reflects the depth of its recent fiscal challenges rather than an isolated borrowing spree.

Debt Reduction

While Ghana remains highly exposed to the IMF, there are signs of easing pressure. The country’s indebtedness to the Fund has declined due to repayment of portions of the outstanding balance. This gradual reduction aligns with Ghana’s broader commitment under its IMF-supported programme to restore macroeconomic stability and rebuild investor confidence.

The government has repeatedly stressed its intention to honor repayment schedules while implementing structural reforms aimed at strengthening revenue mobilization and expenditure controls. For many observers, the pace of repayment will be closely watched in the months ahead, particularly as global financial conditions remain tight.

Mixed Movements

Beyond IMF exposure, Ghana’s overall public debt figures tell a more complex story. Between September 2025 and November 2025, the country’s public debt reduced by GH¢40 billion to GH¢644.6 billion. This represented approximately 45.5 percent of Gross Domestic Product, offering a moment of relief for policymakers seeking to ease debt sustainability concerns.

However, the picture changes slightly when viewed in dollar terms. Total public debt stood at US$57.2 billion in November 2025. This was lower than the US$57.8 billion recorded in October 2025, but higher than the US$55.1 billion recorded in September 2025. These fluctuations highlight the influence of exchange rate movements and external obligations on Ghana’s debt profile.

According to data from the Bank of Ghana, the country’s public debt stood at GH¢630.2 billion in October 2025. The slight variations month to month reflect both repayments and currency adjustments, as well as the ongoing restructuring of certain debt instruments under Ghana’s broader debt management strategy.

Debt figures often appear abstract, but they carry real implications for citizens and businesses. High debt levels can limit fiscal space, reducing the government’s ability to fund infrastructure, social programmes and economic stimulus without resorting to additional borrowing.

At the same time, access to IMF support has provided Ghana with critical financial backing and policy guidance during a difficult economic period. The programme has anchored reforms aimed at stabilizing inflation, restoring currency stability and rebuilding reserves.

The key question moving forward is sustainability. With debt at 45.5 percent of GDP and gradual repayments underway, the government faces the delicate task of balancing fiscal discipline with economic growth. Too much austerity risks slowing recovery, while excessive spending could reignite debt pressures.