Recent economic developments across Africa have brought the issue of national debt into sharp focus. Nigeria recently made headlines by repaying a $3.4 billion emergency loan from the International Monetary Fund (IMF) ahead of schedule. Meanwhile, Ghana’s debt-to-GDP ratio is showing signs of improvement, dropping significantly in early 2025. However, these positive steps don’t paint the whole picture. Many African nations still carry substantial debt burdens.

While Nigeria has made significant strides in settling its financial obligations, the IMF has clarified that reports of full repayment are inaccurate, with a $30 million yearly service charge still outstanding. Similarly, Ghana, despite improvements due to economic growth and fiscal discipline, remains a significant debtor. According to Barclays Plc, Ghana’s debt position is improving, potentially reaching a debt-to-GDP ratio of 54% in January 2025. This progress is notable, occurring three years ahead of the IMF’s 2028 deadline for its $3 billion support plan.

As we await the IMF’s official report with updated debt statistics, it’s clear that Ghana, despite its progress, remains a key IMF debtor in Africa. Here are the other nine African countries with the largest debts to the IMF, according to the IMF’s latest data: