First sub-Saharan African economy to earn an IMF ‘low risk’ debt sustainability rating, Côte d’Ivoire cements its status as a financial market star and a preferred landing spot for international capital.
After a June 24 board meeting of the International Monetary Fund (IMF) focused on examining the sustainability of Ivorian debt, the Washington-based institution reclassified the country into the “low risk” category for both external and total public debt. This milestone, unprecedented in sub-Saharan Africa, strengthens Abidjan’s financial credibility among global investors. The Ivorian Ministry of Economy, Finance and Budget welcomed the decision on Thursday, June 25, stating it ends more than a decade of “moderate” risk classification that had persisted since reaching the completion point of the Heavily Indebted Poor Countries (HIPC) Initiative in 2012.
The upgrade recognizes two years of fiscal consolidation carried out under the IMF program launched in May 2023. It reflects a stronger borrowing capacity for the Ivorian state, driven by more proactive debt management and steadily rising public revenues. At the end of 2025, central government debt stood at an estimated 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 financial markets had already shown. In February, the country raised $1.3 billion through a 15-year eurobond. The issuance was nearly five times oversubscribed, with an order book of $6.3 billion. Notably, the coupon of 5.39% represented the lowest financing cost achieved by any sub-Saharan African issuer in the eurobond market in five years. This dual recognition—from markets and now from the IMF—further solidifies Côte d’Ivoire’s standing as the reference sovereign borrower in sub-Saharan Africa.
