Côte d’Ivoire becomes the safest debt nation in sub-Saharan Africa

First sub-Saharan African economy to receive an IMF ‘low risk’ debt distress rating, Côte d’Ivoire cements its reputation as a top performer on financial markets and a prime destination for international capital.

Following a board meeting of the International Monetary Fund (IMF) on June 24 focused on the debt sustainability analysis of Côte d’Ivoire, the Washington-based institution reclassified the country into the ‘low risk’ category for both external and overall public debt distress. This marks a first for sub-Saharan Africa and reinforces Abidjan’s financial credibility with global investors. ‘This shift ends more than a decade of a ”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.

The decision validates two years of fiscal consolidation under the program signed with the IMF in May 2023 and reflects the strengthened borrowing capacity of the Ivorian state, made possible notably through more proactive debt management and steadily rising public revenues. By end-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 IMF endorsement of Côte d’Ivoire’s risk profile 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. The coupon of 5.39% 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—further solidifies Côte d’Ivoire’s status as a benchmark sovereign credit in sub-Saharan Africa.

By Claire Mvondo — Security and State Policy Expert