Côte d’Ivoire becomes first Sub-Saharan African nation to earn IMF’s ‘low risk’ debt classification

After a pivotal International Monetary Fund (IMF) board meeting in Washington concluded on June 24, Côte d’Ivoire has been reclassified as a ‘low risk’ borrower for both external and public debt—marking a historic milestone for Sub-Saharan Africa. This upgrade breaks a decade-long stint in the ‘moderate risk’ category since the country reached the Heavily Indebted Poor Countries (HIPC) completion point in 2012.

The Ivorian Ministry of Economy, Finance and Budget hailed the decision, stating it reflects two years of disciplined fiscal consolidation under the IMF program launched in May 2023. The improved rating underscores the country’s growing debt management capacity and steadily rising public revenues. By the end of 2025, central government debt stood at 33.16 trillion West African CFA francs, equivalent to 57.1% of GDP—a notable decline from 59.5% the previous year.

The IMF’s endorsement aligns with strong market confidence. Earlier this year, Côte d’Ivoire successfully issued a $1.3 billion 15-year eurobond, which was oversubscribed fivefold with bids totaling $6.3 billion. Notably, the 5.39% coupon rate represented the lowest financing cost for any Sub-Saharan African issuer in five years. This dual validation—from both global markets and the IMF—cements Côte d’Ivoire’s reputation as a leading sovereign borrower in the region.