Ten African countries have been able to maintain a low debt profile with the International Monetary Fund (IMF) as the continent continues to grapple with economic challenges as a result of the global pandemic.
With a low IMF debt level, countries can exercise more control as they have more economic autonomy which enables them to execute policies without external pressures or interference. Countries with a low debt profile can further improve investments in social investment programmes and safety nets, such as poverty alleviation initiatives.
Data from the IMF’s Regional Economic Outlook report shows that Africa’s public debt-to-GDP ratio peaked at 60.1% in 2023 but has been projected to ease to 58.5% in 2024 and further down to 56.8% in 2025.
10 African countries with the lowest IMF debt
According to data showing the total IMF Credit Outstanding Movement From July 1, 2024, to July 17, 2024, here are African countries with the lowest IMF loans:
| Member Country | Total IMF Credit Outstanding as of 07/17/2024 ($) | |
|---|---|---|
| 1 | Lesotho | 11,660,000 |
| 2 | Comoros | 20,329,825 |
| 3 | Sao Tome & Principe | 24,145,150 |
| 4 | Djibouti | 31,800,000 |
| 5 | Guinea-Bissau | 43,764,400 |
| 6 | Eswatini, The Kingdom of | 49,062,500 |
| 7 | Cabo Verde | 64,984,000 |
| 8 | Equatorial Guinea | 74,096,417 |
| 9 | Somalia | 79,500,000 |
| 10 | Burundi | 101,600,000 |
From the IMF report, other countries like Angola ($2.9 billion), Kenya ($2.5billion), Ghana ($2.3 billion), and Côte d'Ivoire ($2.3 billion) led as African countries with the highest debt to IMF in the updated report as at July 17, 2024.
As of March 31, 2024, the Debt Management Office (DMO) said Nigeria's total public debt stood at ₦121.67 trillion ($91.46 billion). The country’s debt to the IMF stood at $1.2 billion as at July 17, 2024.
The IMF however, has advised heads of government and policymakers in sub-Saharan Africa to embark on cost-cutting measures like doing away with fuel subsidies, freezing unnecessary expenditure and widening the tax net to improve government revenue sources.