New International Monetary Fund (IMF) data points to a growing debt burden across Africa, with Egypt, Côte d’Ivoire and Kenya holding the continent’s largest outstanding loan balances. They are closely followed by Angola, Ghana and the Democratic Republic of Congo, economies already grappling with weak revenues, high servicing costs and limited fiscal space.
For many governments, the IMF became a critical lifeline in the aftermath of the COVID-19 pandemic. Emergency support and extended credit facilities were rolled out to restore stability, buffer collapsing currencies and revive stalled economies. But for several states, the relief came at a cost that is now becoming increasingly difficult to manage.
The list of high-exposure nations extends further to Ethiopia, Cameroon, Tanzania and Zambia, all of which are navigating intense repayment cycles and restructuring talks. Rising global interest rates and depreciating local currencies have deepened the strain, leaving governments with less room to invest in social programmes, infrastructure and development.
Economists warn that the situation is becoming unsustainable. With a significant portion of national revenue absorbed by IMF repayments and interest obligations, countries are caught in a tightening fiscal trap. The pressure has pushed many of them toward deeper reforms, subsidy cuts and austerity measures that trigger social unrest but remain unavoidable within IMF-backed programmes.
The broader picture highlights a worrying trend: even as the continent’s economies attempt to recover, debt servicing is outpacing growth. Without a systemic shift in borrowing strategies, improved revenue mobilisation and stronger export performance, several African nations may face prolonged financial distress.
