Recent developments in Ethiopia, Zambia, Mozambique, Senegal, and Ghana demonstrate how reliance on IMF programs influences economic policy, budgetary space, and political decision-making throughout Africa. Countries that rely substantially on IMF support frequently give up some degree of economic autonomy. IMF programs are often subject to restrictions such as budgetary discipline, subsidy changes, currency adjustments, and revenue collection. For many African countries, IMF projects have served as a springboard to larger debt discussions. With that said, here are the African countries with the largest IMF debt at the start of the new year, as per data from the IMF.

Source: GhanaWeb January 24, 2026 14:16 UTC