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

First sub-Saharan African economy to receive an IMF “low risk” rating for over-indebtedness, Côte d’Ivoire confirms its status as a top performer on financial markets and a preferred destination for international capital.

Following a board meeting of the International Monetary Fund (IMF) held on June 24, which reviewed the sustainability of Côte d’Ivoire’s debt, the Washington-based institution reclassified the country to a “low risk” category for both external and overall public debt. This is a first for sub-Saharan Africa, strengthening Abidjan’s financial credibility among international investors. “This shift marks a break from more than a decade of classification as ‘moderate’ risk 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.

Indeed, this decision validates two years of fiscal consolidation under the program agreed with the IMF in May 2023, reflecting the strengthened borrowing capacity of the Ivorian state, made possible notably through 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, the IMF’s validation of Côte d’Ivoire’s risk profile confirms a confidence that markets had already expressed. In February, the country raised $1.3 billion through a 15-year eurobond issuance. The offering was nearly five times oversubscribed, with an order book of $6.3 billion. Most notably, the 5.39% coupon was the lowest financing cost achieved by a sub-Saharan African issuer on the eurobond market in five years. This dual recognition – from markets and now the IMF – cements Côte d’Ivoire’s status as the benchmark sovereign borrower in sub-Saharan Africa like never before.