BY Nadia Ntiamoah
Ghana has maintained its position as the fifth most indebted African country to the International Monetary Fund (IMF), with outstanding credit estimated at Special Drawing Rights (SDR) 2.70 billion as of August 2025.
The figure, equivalent to about US$3.6 billion, underscores the country’s deepening reliance on the Bretton Woods institution amid its economic recovery programme.
According to the IMF’s latest debt position report, Egypt remains Africa’s largest debtor, with SDR 7.18 billion, despite recording a slight decline from July.
Côte d’Ivoire and Kenya follow closely in second and third place, with SDR 3.10 billion and SDR 3.02 billion respectively.
Ghana is ranked just below these economies but ahead of resource-rich Democratic Republic of Congo, Ethiopia, Tanzania, Cameroon, and Zambia, which make up the rest of the top 10.
Ghana’s IMF Journey
The relationship with the IMF is several decades old, dating back to the 1960s.
However, its most recent programme was sealed in May 2023, when the IMF approved a US$3 billion bailout to help stabilize the economy following years of rising inflation, currency depreciation, and a crippling debt crisis.
The bailout programme, spread over three years, is tied to strict policy reforms including fiscal consolidation, debt restructuring, and structural reforms aimed at restoring macroeconomic stability.
By August 2025, Ghana had already received two tranches of the IMF package, while negotiations continue over debt restructuring with external creditors under the G20 Common Framework.
Despite these efforts, the country’s debt sustainability remains a key concern, with the IMF debt adding to an already high public debt stock that exceeds 70% of GDP.
The Risks of Heavy IMF Borrowing
Analysts caution that while IMF loans offer short-term relief, overreliance can undermine long-term economic sovereignty.
Loans from the Fund often come with stringent conditions, including expenditure cuts, tax reforms, and limits on subsidies, which can spark social discontent.
Already, Ghana has faced pushback from labour unions and civil society over austerity measures tied to the programme, such as wage bill controls and increases in utility tariffs.
Furthermore, excessive exposure to the IMF can weaken a country’s credibility with investors, signaling persistent structural weaknesses.
“The challenge for Ghana is not just paying back these loans but ensuring that the reforms translate into sustainable growth,” an economist at the University of Ghana explained.
