NewStats: 3,264,099 , 8,182,592 topics. Date: Monday, 09 June 2025 at 04:30 PM 15s1i

10 African countries with the highest debts to the IMF

The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering economic difficulties. However, these loans from the IMF can have deep and varied effects on their economy. These effects are felt in some parts of Africa, particularly in regions where the debt is unsustainable.

Business Insider Africa presents the top 10 African countries with the highest debts to the International Monetary Fund.
This list was obtained from the IMF’s official site.

This list captures the data as of the 6th of December 2023.

Typically as a last resort, countries often turn to the IMF in times of economic crisis to stabilize their financial systems. These loans help cushion the economic adversities said countries may be going through.

Loans from the global financier can also help buff the country’s finances until they can come up with a more sustainable solution to their economic problems. And, additionally, a loan from the IMF can boost a country's credibility in the eyes of foreign investors. This rise in trust may result in higher foreign direct investment and better access to global capital markets.

However, these loans if not managed or utilized properly could hurt an economy. Aside from the fact that debts owed in general can cause financial stress in any economy, as it represents an expense that the country must take responsibility for, IMF loans often come with stringent conditions, including austerity measures such as reducing public spending, cutting subsidies, and implementing tax increases.

While these measures are intended to address fiscal imbalances, they can lead to social unrest and adversely affect vulnerable populations. These complications can also seep into the country’s exchange rate, making local currencies weaker than they should be.

With that said, below are the 10 African countries with the highest debts to the IMF, courtesy of the IMF’s official website. Also, the list captures the data as of the 6th of December 2023.

10 African countries with the highest debts to the IMF

Rank Country Debt amount
1. Egypt $11,968,321,674

2. Angola $3,153,816,667

3. South Afric $2,669,800,000

4. Côte d'Ivoire $2,117,559,620

5. Kenya $2,058,982,100

6. Nigeria $1,840,875,000

7. Ghana $1,644,377,000

8. Morocco $1,499,800,000

9 Democratic Republic of Congo $1,294,500,000

.10. Tunisia $1,259,139,338

https://africa.businessinsider.com/local/markets/10-african-countries-with-the-highest-debts-to-the-imf/m7kg2l8

Despite being the largest economy in Africa, we are barely indebted to IMF. This is impressive. I reckon this was the forex we got from the IMF during the covid 19 pandemic but today our economy is in surplus and our GDP keeps increasing quarter on quarter.

Below is the current data on Nigerian economy, Q3, 2023 as shared by Statisense


✅Q3 2023 GDP growth rate at 2.54%.

✅The Oil Sector had it best growth in Q3 2023 since Q1 2020 when it grew by 5.06%.

✅Improved Oil Production capacity, achieving the best output in Sept at 1.390 mbpd.

✅Achieved Trade surplus of ₦1.89 trillion in Q3 2023 and ₦3.52 trillion in 9months, Exports > Imports.

✅Stock Market performance of +38.1% Year Till Date.

✅FG sured its Revenue target of ₦8.283 trillion as at Sept 2023, achieving ₦8.653 trillion, a 4.5% above expectation.

✅Effective tax collection with CIT at +121% of its target and VAT at +11% (2023).

#Statisense
(NBS, OPEC, Budget Office)

https://twitter.com/StatiSense/status/1732148735746900053?t=GDJDpXxhrGJvUFgCmjN4lA&s=1


The naysayers, unpatriotic elements, criminal defamers, cyberbullies and liars will not see these milestones nor benefit from the progress we are making.

Ghana and Egypt no try at all. Ghana is particularly a very bad case given that 56% of her total debt were forgiven around 2002, it's today back in serious debt, economic quagmire and even unable to pay its debt. It's now offering to pay debt with gold and cocoa.

Nigeria is in great,steady, competent and patriotic hands. Dangote Refinery is to start production soon, dry season farming to ramp up our wheat, massive electricity projects on going, subsidy off, end to the use of our hard earned forex to defend a USD being overvalued by the street/unpatriotic speculators and a brilliant team headed by President Bola Ahmed Tinubu!

All the enemies of Nigeria ti keran and will lose las las. They always lose.God bless Nigeria for ever! Check my signature for free stuffs!

FreeStuffsNG:
Despite being the largest economy in Africa, we are barely indebted to IMF. This is impressive. I reckon this was the forex we got from the IMF during the covid 19 pandemic but today our economy is in surplus and our GDP keeps increasing quarter on quarter.

Ghana and Egypt no try at all. Ghana is particularly a very bad case given that 100% of her debt were forgiven around 2005, it's today back in serious debt, economic quagmire and even unable to pay its debt. It's now offering to pay debt with gold and cocoa.

Are you sure you are ok? Like everything is fine

Was Nigeria not debt free in 2005 ?

My country must be there

Nigeria needs to take advantage of all development credit facility we can get

International Monetary Fund IMF has contribution qouta from almost all countries

Nigeria has been contributing as member and must take full advantage of the credit facility

You dey contribute Esusu, Ajo and Corporative, e reach your turn to collect money you say you no like gbese


.

Algeria is not on the list, I'm impress with the way the country is run

MEEVEET:

Nigeria paid but Ghana and co were given forgiveness. Just read up nah and stop being aggressive, insolent and uncouth like the LP mob.

FreeStuffsNG:
Nigeria paid but Ghana and co were given forgiveness. Just read up nah and stop being aggressive, insolent and uncouth like the LP mob.

Nigerian only paid a fraction because we owed above the forgiven loan threshold

Watch those APC fools come to compare failure now and tell you every nation owes .

And that Nigeria tried at least they are not number 1

Ok, how much are we owing China? can we also have that statistics?

FreeStuffsNG:
Despite being the largest economy in Africa, we are barely indebted to IMF. This is impressive. I reckon this was the forex we got from the IMF during the covid 19 pandemic but today our economy is in surplus and our GDP keeps increasing quarter on quarter.

Below is the current data on Nigerian economy, Q3, 2023 as shared by Statisense


✅Q3 2023 GDP growth rate at 2.54%.

✅The Oil Sector had it best growth in Q3 2023 since Q1 2020 when it grew by 5.06%.

✅Improved Oil Production capacity, achieving the best output in Sept at 1.390 mbpd.

✅Achieved Trade surplus of ₦1.89 trillion in Q3 2023 and ₦3.52 trillion in 9months, Exports > Imports.

✅Stock Market performance of +38.1% Year Till Date.

✅FG sured its Revenue target of ₦8.283 trillion as at Sept 2023, achieving ₦8.653 trillion, a 4.5% above expectation.

✅Effective tax collection with CIT at +121% of its target and VAT at +11% (2023).

#Statisense
(NBS, OPEC, Budget Office)



All the enemies of Nigeria ti keran and will lose las las. They always lose.God bless Nigeria for ever! Check my signature for free stuffs!

You Don go collect your own share of #260million budget for Aso villa animals??

Dey defend hopeless govt on empty stomach

If you're owing Mama Nkechi the sum of N50 and you're the least indebted person to her, but you're owing Mama Funmi N500,000, while your monthly salary is N17,000, does that change the fact that you're very much in debt?? In other words, if Nigeria is owing IMF less, but owing World Bank, China, , etc - huge sums, does it make any difference??

I have a lot of reservation about Nigeria Debt profile.
Although it's good for anyone to collect debt,but we must never get to the point where we are unable to repay, seriously if debt was a bad thing,all the loan app companies in Nigeria would have folded up a long time ago.
Back to my analysis about Nigeria Debt,I daresay Nigeria has stopped servicing her debt for more than 4 years.
A quick analysis of Nigeria's budget 2024 shows a very disturbing trend,the Nigeria govt is actually borrowing 8 trillion naira which it calls revenue,and in another breath,there's provisions for servicing our foreign debt which is another 8 trillion in the same Budget,this should be really alarming to every patriotic Nigerian.
We borrow 8.75 trillion to pay back 8.6 trillion in the same Budget circle,I believe Buhari government started this abnormally and Asiwaju must stop and break this crazy circle,it means Nigeria will only earn 150 billion in real revenue from borrowing this year,if you deduct the debt borrowing and repayment.
That's why I will keep on talking about the Dangote Refinery,that behemoth hold the key to reducing our foreign currency flight, Nigeria needs to keep every dollar it earns within the country.
I throw around a little figure so we can understand the power that behemoth will unleash from Next year.
A ship with 950000 barrels of crude oil At a cost of 70$ per barrel,with an exchange rate of 950 naira will give you 63 billion naira worth of crude oil berthed yesterday at the Lekki Sea port.
The crude oil will be refined today when the Behemoth roars to Life,that figure alone should tell you the amount of savings we will have when it's in full operation.
Seriously if Nigeria is to ever get out of this debt trap,then we need to start from making the Refinery work.
That's why any wise Investor must have something around the Refinery.
Still selling LAND around Ibeju-lekki close to the Refinery.
https://nairaland.unblockandhide.com/7926530/christmas-end-year-promo-silvergate#127237817
God bless Nigeria.....

Hehehe.

Surprised we are not number one .

Please help us check the African country that has the highest dept to China .

While other countries borrow to improve their economy and infrastructures,we borrow to loot.

I pity you,,,,,

I'm very sure some bastardss are disappointed for not seeing Nigeria at no1, ppl from the sad East OSU republican

Looks good

It's well.

Okay

IMF created to impoverish Africans and keep Africa in continuous dependence

African countries are synonymous with debt. I am not surprised

how much was Nigeria owing before apc came in.

Watch out Nigeria under Tinubu will do everything to knock out Egypt from the first position.


And at the end nothing to show.



Nigeria under APC (Buhari and Tinubu) is really doing well.

We need loans and heavy investment in all sectors.

I know that Nigeria must make that list!

.

Egypt with just about 100 million population owing such amount of debt?


Be like say na debt dem dey take run that country.

MEEVEET:

Are you sure you are ok? Like everything is fine

Was Nigeria not debt free in 2005 ?

nigeria was debt free in 2015?.see your life...when reasonable people are talking,u people will just exhibit how empty your brains are.

Only God knows where we where in 2015

Hmmm wetin some of doz Small Africa country with small Population dey du dere...


Even with how Angola get same quota of oil sales like Nigeria dem still dey colet loan are all diz Natural resources a Natural Disaster to Africans even Ghana with all him Gold....

Nigeria in distant 6 position? This is an open invitation for Tinubu and APC to borrow more and loot more untill Nigeria becomes No. 1 on the list.