Recent reports indicate that Nigeria has repaid the $3.4 billion emergency loan secured from the International Monetary Fund (IMF) in 2020, with the final installment paid ahead of time on April 30, 2025.
This, alongside the fact that Ghana’s debt-to-GDP ratio likely fell to 54% in January 2025, down from 61.8% at the end of December 2024.
As for Nigeria, the IMF clarified that while Nigeria has made significant progress in settling its financial obligations, reports claiming the country has fully repaid its debts are inaccurate.
Nigeria, Africa’s fourth-largest economy, has repaid a $3.4 billion emergency loan borrowed from the International Monetary Fund (IMF) under the Rapid Financing Instrument (RFI), which was used in 2020 to mitigate the economic effects of the COVID-19 pandemic.
By its side, neighboring country Ghana, according to Barclays Plc, is improving significantly in its debt position as a result of economic growth and stricter controls on governmental spending following itsrecent debt crisis.
In a note to clients, Barclays analysts Michael Kafe and Andreas Kolbe indicated that Ghana’s debt-to-GDP ratio is anticipated to fall to 54% in January 2025, down from 61.8% at the end of December 2024.
This is a significant success, coming three years ahead of the International Monetary Fund’s (IMF) 2028 deadline for the country’s $3 billion support plan.
While this development is laudable, the country still boasts one of Africa’s largest debts to the International Monetary Fund, as is the case with several other African countries.
Pending the release of its official report with updated debt statistics within the next two weeks, Ghana remains a significant IMF debtor on the continent.
With that said, here are the other 9 African countries with the largest debt to the IMF alongside the West African Gold Coast, according to the IMF’s website.
Compared to the top 10 list in April, most of the list remained the same for May, with no significant movement recorded.
Top 10 African countries with the highest IMF debt in May 2025
| Rank | Country | Total IMF Credit Outstanding ($) as of 05/13/2025 |
|---|---|---|
|
1. |
Egypt |
8,206,734,184 |
|
2. |
Kenya |
3,022,009,900 |
|
3. |
Angola |
2,839,508,338 |
|
4. |
Cote d’Ivoire |
2,628,428,440 |
|
5. |
Ghana |
2,448,001,000 |
|
6. |
Democratic Republic of Congo |
1,789,100,000 |
|
7. |
Ethiopia |
1,422,865,000 |
|
8. |
Cameroon |
1,182,660,000 |
|
9. |
Senegal |
1,019,300,000 |
|
10. |
Tanzania |
1,009,260,000 |
