3 African countries that have never borrowed from the IMF; see list

• Only three African countries have never borrowed from the IMF: They remain the only nations on the continent that have never taken an IMF loan, despite the Fund's extensive involvement across Africa.

• Ghana completes IMF bailout programme: Ghana has successfully concluded its US$3 billion Extended Credit Facility (ECF) programme and will now work with the IMF under a 36-month Policy Coordination Instrument (PCI) without receiving new financing.

• IMF lending remains widespread in Africa: According to the latest IMF data, 43 African countries currently hold outstanding IMF credit.

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The topic has gained renewed attention after Ghana completed its latest IMF bailout programme. The IMF Executive Board recently approved the final review of Ghana's US$3 billion Extended Credit Facility (ECF), unlocking a final disbursement of about US$371 million and bringing the country's latest programme to a successful conclusion.

Ghana's exit from the programme highlights the IMF's long-standing role in Africa's economic landscape. While many countries on the continent have relied on IMF financing at different points to address fiscal and balance-of-payments challenges, Botswana, Libya and Eritrea have followed a different path by avoiding IMF borrowing altogether.

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According to Ghana's Ministry of Finance, the final disbursement brings the total amount received under the programme to about US$3 billion.

Since entering the programme in 2023, Ghana has recorded a more stable cedi, easing inflation and progress in restructuring its public debt.

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Although the bailout has ended, Ghana will continue working with the IMF under a new 36-month Policy Coordination Instrument (PCI). Unlike the ECF, the PCI does not provide financing. Instead, it supports policy reforms, strengthens economic governance and helps build investor confidence.

The government says it remains committed to protecting the gains achieved under the programme while pursuing reforms to promote sustainable economic growth.

While dozens of African nations have leaned on the IMF to steady their economies over the decades, only three (3) have never done so at all.

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Botswana is widely regarded as Africa's leading example of a country that has avoided IMF borrowing through disciplined fiscal management.

According to IMF records, Botswana has had no borrowing arrangements with the Fund since at least 1984, when its electronic transaction records begin.

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Economists attribute this to decades of prudent management of the country's diamond revenues, which enabled successive governments to build foreign exchange reserves and fiscal buffers instead of relying on external financial assistance during economic downturns.

Although Botswana has recently faced weaker global demand for diamonds and slower economic growth, it has continued to navigate these challenges without IMF financing.

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Libya is the second African country that has never borrowed from the IMF.

The Fund has previously noted that Libya's vast oil revenues enabled it to finance its economy without seeking IMF loans.

Even during years of political instability following the 2011 uprising, Libya did not request IMF financial assistance, relying largely on oil income and state assets to support public finances.

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Eritrea presents a different case.

Although the country became eligible for concessional IMF financing in 1995, it has never accessed those facilities.

Analysts generally attribute this to the government's long-standing policy of economic self-reliance, which has favoured domestic resource mobilisation and bilateral partnerships over multilateral lending.

Unlike Botswana and Libya, Eritrea's decision has been driven more by political and economic policy than by abundant natural resource wealth.

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While Botswana, Libya and Eritrea have never borrowed from the IMF, many African countries continue to rely on the Fund for financial support.

Countries such as Nigeria and Mauritius are sometimes mistakenly included among nations that have never borrowed because they currently have no outstanding IMF debt. However, both countries previously received IMF financing and later repaid their loans.

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According to the latest IMF data, 43 African countries currently have outstanding IMF credit amounting to approximately 38.62 billion Special Drawing Rights (SDRs), equivalent to about US$53.68 billion.

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The figures illustrate the IMF's continued importance in supporting African economies facing debt pressures, balance-of-payments challenges and fiscal constraints. Against this backdrop, Botswana, Libya and Eritrea remain the only African countries that have never borrowed from the Fund, making them unique on the continent.

The experiences of these three countries demonstrate that there is no single path to avoiding IMF borrowing. Botswana relied on prudent management of its diamond wealth, Libya benefited from its extensive oil revenues, while Eritrea adopted a policy centred on economic self-reliance.

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For most African countries, however, including Ghana, IMF support has remained an important tool for restoring economic stability during periods of financial distress before transitioning towards stronger, independent fiscal management.

As Ghana embarks on the next phase of its economic recovery under the Policy Coordination Instrument, its experience stands in contrast to the three (3) African nations that have managed to avoid IMF borrowing altogether.