Here are 10 African countries with the highest IMF debt at the end of 2024

African countries continue to struggle with high debt levels owed to the International Monetary Fund (IMF), with ten nations emerging as the most indebted in Q4 2024. These debts underscore a significant reliance on external financing to stabilise economies during crises.

While providing fiscal relief, IMF loans come with stringent conditionalities that influence domestic policies. Measures such as subsidy removals, currency adjustments, and austerity plans often accompany the funding, sparking debates on their long-term impact.

Critics argue these structural adjustment programmes constrain spending on critical sectors like healthcare, education, and infrastructure, raising concerns about debt sustainability and economic resilience.

As these countries work to balance fiscal needs and development priorities, the growing IMF debt highlights the complexities of dependency on external financial assistance.

According to the IMF, here are the top 10 African countries with the highest IMF credit outstanding as of 2 December 2024.

1. Egypt

Egypt tops the list with an IMF credit outstanding of $9.45 billion. The country’s reliance on IMF funding highlights the challenges it faces in addressing its fiscal and economic stability.

2. Kenya

Kenya’s IMF debt amounts to $3.02 billion. The country continues to grapple with economic reforms aimed at boosting growth while managing its debt obligations.

3. Angola

Angola holds the third position, with a debt of $2.99 billion. The nation relies on IMF support to navigate the effects of fluctuating oil prices and diversify its economy.

4. Ghana

With an outstanding IMF debt of $2.25 billion, Ghana is focused on meeting its financial obligations while implementing policies to stabilise its currency and improve economic resilience.

5. Côte d’Ivoire

Côte d’Ivoire has an IMF debt of $2.19 billion. The country’s financial strategy includes leveraging international funds to sustain its infrastructure and development projects.

6. Democratic Republic of Congo (DRC)

The DRC’s IMF debt stands at $1.6 billion. These funds are crucial for addressing economic challenges in one of Africa’s largest and most resource-rich nations.

7. Ethiopia

Ethiopia owes $1.31 billion to the IMF. The country is navigating economic reforms and recovery efforts while addressing internal conflicts that have impacted its economic trajectory.

8. South Africa

South Africa’s debt to the IMF totals $1.14 billion. This is part of the broader efforts to recover from economic disruptions and achieve sustainable growth.

9. Cameroon

Cameroon’s outstanding debt of $1.13 billion reflects its ongoing engagement with the IMF to strengthen its fiscal position and support key sectors.

10. Senegal

Senegal rounds out the list with $1.11 billion owed to the IMF. The country’s focus is on leveraging these funds for development initiatives and economic stability.

Chisom Michael

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

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