Côte d’Ivoire becomes sub-Saharan Africa’s safest debt nation after IMF upgrade

First sub-Saharan African economy to receive a “low risk” of debt distress rating from the IMF, Côte d’Ivoire solidifies its standing as a top performer on financial markets and a prime destination for international capital.

After a board meeting of the International Monetary Fund (IMF) on June 24 that examined the sustainability of Ivorian debt, the Washington-based institution reclassified the country into the “low risk” category for both external and overall public debt. This is a first for sub-Saharan Africa, further boosting Abidjan’s financial credibility among global investors. “This development marks a break from over a decade of ‘moderate’ risk classification since reaching the completion point of the Heavily Indebted Poor Countries (HIPC) Initiative in 2012,” the Ivorian Ministry of Economy, Finance and Budget proudly stated on Thursday, June 25.

This decision effectively endorses two years of fiscal consolidation carried out under the program agreed with the IMF in May 2023. It reflects the strengthening of the Ivorian state’s borrowing capacity, driven notably by more proactive debt management and a steady rise in public revenues. By the end of 2025, central government debt was estimated at 33,159 billion CFA francs, or 57.1% of GDP, down from 59.5% a year earlier.

More broadly, this validation of Côte d’Ivoire’s risk profile by the IMF confirms a confidence that markets had already expressed. In February, Côte d’Ivoire raised $1.3 billion through a 15-year eurobond. The issuance was nearly five times oversubscribed, with an order book of $6.3 billion. Crucially, the 5.39% coupon was the lowest financing cost obtained by a sub-Saharan African issuer on the eurobond market in five years. This dual recognition—from markets and now from the IMF—solidifies Côte d’Ivoire’s status as a benchmark sovereign issuer in sub-Saharan Africa.