Ten African countries including Nigeria’s neighbours in the West Africa sub-region, Ghana, Cameroon, Cote d’Ivoire and Kenya, in East Africa among others have been listed as worst debtor nations to the International Monetary Fund (IMF) in 2024.
The latest data, reveals the African countries with the highest outstanding IMF credit.
These nations continue to grapple with economic instability and turned to IMF for financial assistance, resulting in significant debt obligations.
These loans, with the aim of stabilizing their economies, often come with stringent conditions that can hinder long-term development.
The IMF’s role in the region continues to be a subject of intense debate, with questions lingering over whether its assistance helps or hinders long-term economic stability.
Egypt tops the list with a staggering $9.3 billion, far exceeding other nations. Kenya follows with $3.02 billion, while Angola is close behind with $2.9 billion. Côte d’Ivoire has climbed to the fourth position with $2.75 billion, overtaking Ghana, which now ranks fifth with $2.51 billion.
Other nations on the list include the Democratic Republic of Congo (DRC) with $1.6 billion, Ethiopia with $1.31 billion, and South Africa with $1.14 billion.
Cameroon ranks ninth with $1.13 billion, and Morocco joins the top 10 with $1.1 billion, replacing Senegal, which has dropped off the list, information on Business Insider Africa revealed.
The reliance on IMF loans has sparked concerns about the long-term implications for these economies.
High debt levels often force governments to redirect significant resources from development projects to debt repayment, limiting their ability to invest in critical areas such as infrastructure, education, and healthcare.
Additionally, the restrictive economic reforms tied to these loans, known as Structural Adjustment Programs (SAPs), have been criticized for exacerbating socioeconomic inequalities.
As African nations remain vulnerable to external shocks, such as fluctuations in commodity prices and global financial crises, the growing debt burden underscores the need for more sustainable financial solutions.
See list below:
- Egypt
- Kenya
- Angola
- Cote d’Ivoire
- Ghana
- DRC
- Ethiopia
- South Africa
- Cameroon
- Morocco (With Agency Additional)
