Top 10 African countries with the lowest IMF debt in July 2025

As debt levels rise in several African countries, a few nations on the continent are beginning to stand out by repaying loans to the International Monetary Fund (IMF), and other global lenders or limiting their exposure external debts.

Business Insider Africa presents the top 10 African countries with the lowest debt to the IMF in July 2025.
This list is courtesy of data from the IMF’s website.
Eswatini ranks number 1 on the list.

While IMF assistance can provide immediate relief during economic crises, keeping little or no IMF debt has considerable long-term benefits for African countries, ranging from fiscal independence to increased economic credibility.

Nigeria is a recent and noteworthy example.

In May 2025, it fully redeemed its outstanding IMF loans, totaling around $3.4 billion, including emergency finance obtained during the COVID-19 epidemic.

This repayment signified the country’s escape from IMF debt and heralded increased budgetary discipline. With no active IMF program.

It also presents itself more favorably in the perspective of international investors, since debt clearing can result in higher credit ratings and cheaper borrowing costs.

While clearing its IMF backlog constitutes a significant milestone, it fails to tell the complete tale of Nigeria’s debt stock. Nonetheless, the country is better off owing very little to the International Monetary Fund.

Ghana, while not fully debt-free, has made tremendous progress toward debt sustainability. In early July 2025, the government successfully completed its fourth IMF program review, resulting in a $367 million payout.

Ghana government, IMF provide further details on $3bn bailout deal at a press conference today.

More crucially, Ghana recently reached a large debt restructuring agreement with 25 creditor nations, including China, the United States, and France, resulting in $2.8 billion in deferred debt service until 2026.

Although Ghana still owes the IMF, its proactive approach to restructuring has relieved strain on state finances and avoided the economic volatility that comes with debt crises.

Maintaining low IMF debt provides substantial benefits. First, it gives countries more policy autonomy.

Governments may focus on domestic solutions and development goals, prioritizing expenditures in healthcare, infrastructure, and education, without being constrained by IMF-imposed budgetary objectives or austerity policies.

Second, low debt exposure boosts economic resilience during global financial crises and increases a country’s bargaining leverage in international forums.

With that said, here are the 10 African countries with the lowest debt to the IMF in July 2025, according to data from the IMF.

Compared to the list last month, the countries with the top 10 highest IMF credits on the continent this month largely remained the same save Somalia, which increased notably, and Namibia, which reduced substantially