Africa’s external debt remains concentrated in a few large economies, as many governments across the continent continue to depend on foreign borrowing to finance infrastructure, support budgets, stabilize their currencies, and repay existing debts.
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Based on the latest available figures from World Bank and the International Monetary Fund (IMF), the 10 countries featured in this ranking collectively hold $543.58 billion in external debt.
The ranking only captures countries with available 2025 external debt data, as several African economies are yet to release updated figures for the year.
At the top of the table are South Africa and Egypt, which together account for 60.85% of the total debt stock among the countries listed. However, when the debt is measured against the size of each economy, countries like Rwanda and Tunisia end up much more burdened.
The 10 most indebted African countries
Liberia – $1.63bn
Liberia’s external debt stood at $1.63 billion as of December 2025, equal to 31.21% of GDP.
While the absolute figure is small, the economy remains highly constrained due to its narrow export base and limited fiscal space.
Botswana – $2.05bn
Botswana recorded external debt of $2.05 billion as of December 2025, equivalent to 10.51% of GDP, one of the lowest ratios in the group.
The country maintains relatively strong macroeconomic stability, supported by diamond exports. External reserves stood at $3.50 billion as of December 2025, providing a modest but stable buffer.
Mauritius – $2.14bn
Mauritius had external debt of $2.14 billion as of December 2025, equal to 13.25% of GDP. The economy remains services-driven, with strong contributions from tourism and financial services.
External reserves stood at $9.81 billion as of April 2026, one of the strongest liquidity positions relative to debt in the group.
Rwanda – $13.43bn
Rwanda has an external debt of $13.43 billion as of December 2025, which is very high compared to the size of its economy, at 84.11% of GDP, the highest in this group.
This reflects years of steady borrowing to fund major development projects, especially infrastructure, tourism, and public services.
Even with this heavy debt load, Rwanda is still seen as a relatively trusted borrower because of its strong governance track record and consistent economic growth, which gives lenders confidence that it can continue managing its obligations.
Ghana – $29.40bn
Ghana had an external debt of about $29.4 billion as of December 2025, equal to 25.63% of GDP.
The country went through a major fiscal crisis in 2022, which led to an IMF-supported restructuring programme. Since then, conditions have started to improve, with inflation cooling and foreign reserves rising to $14.47 billion by February 2026.
However, the recovery is still fragile. Ghana continues to face pressure around debt repayments and refinancing, meaning it still needs careful fiscal management to avoid slipping back into stress.
Tanzania – $35.54bn
Tanzania’s external debt rose to about $35.54 billion as of March 2026, equal to 40.69% of GDP.
Most of this borrowing has gone into long-term infrastructure projects like railways, power generation, and transport systems, aimed at supporting future growth.
A large share of the debt is concessional, coming from multilateral lenders, which helps reduce immediate repayment pressure. However, as the debt stock continues to grow, the country will still need to manage its borrowing carefully to avoid future strain.
Tunisia – $43.31bn
Tunisia is one of Africa’s more financially stretched economies, with external debt of $43.31 billion as of December 2025, equal to 75.21% of GDP.
The economy has struggled with slow growth, ongoing fiscal deficits, and political uncertainty, all of which have made it harder to stabilize public finances.
External reserves stood at about $9.39 billion in March 2026, and investors are still closely watching the country’s delayed IMF negotiations, which remain key to restoring stronger financial stability and improving access to funding.
Nigeria – $51.86bn
Nigeria’s external debt stood at about $51.86 billion as of December 2025, which is relatively low compared to the size of its economy at around 17.85% of GDP.
Even though the debt level is not high in proportion terms, the real pressure comes from how much revenue goes into debt repayments, which continues to limit government spending on other priorities.
On the positive side, external reserves improved to $49.37 billion in April 2026, helped by foreign exchange reforms, tighter monetary policy, and better capital inflows, giving the economy a stronger buffer against external shocks.
Egypt – $163.91bn
Egypt is Africa’s second most indebted country, with external debt of $163.91 billion as of December 2025, equal to 44.95% of GDP.
A large part of this borrowing has gone into big infrastructure and development projects over the past decade, which significantly expanded the country’s financing needs.
Foreign reserves improved to $53.01 billion by April 2026, supported by IMF assistance and strong investment inflows from Gulf partners. However, Egypt still faces ongoing pressure around refinancing its large debt stock, especially in a high global interest rate environment.
South Africa – $200.31bn
South Africa remains Africa’s most externally indebted economy, with debt of $200.31 billion as of December 2025, equal to 46.89% of GDP.
Its deep and well-developed financial markets make it easier to raise funding compared to most African peers, but the economy continues to face structural pressures such as weak growth, high unemployment, and financial strain from state-owned enterprises.
External reserves stood at about $77.09 billion in April 2026, the highest among the countries in the ranking, giving it a relatively strong buffer despite ongoing fiscal and economic challenges.
What you should know
South Africa and Egypt account for about 60.85% of total external debt among the 10 countries, owing $364.22 billion combined, showing debt is concentrated in a few large economies.
While big economies dominate in external debt amounts, smaller ones are more pressured relative to output. Rwanda (84.11%) and Tunisia (75.21%) have much heavier debt loads compared to their GDP than countries like Botswana (10.51%) or Nigeria (17.85%)
Stronger reserves improve stability and debt servicing capacity. South Africa ($77.09 billion), Egypt ($53.01 billion), and Nigeria ($49.37 billion) lead in buffers
