Côte d’Ivoire earns ‘low risk’ debt rating from IMF, setting a new benchmark for Sub-Saharan Africa

Following a June 24 IMF executive board session evaluating debt sustainability, the Washington-based institution reclassified Côte d’Ivoire’s external and public debt as ‘low risk’ of over-indebtedness. This historic shift marks the first time any Sub-Saharan African nation has achieved this rating, significantly bolstering investor confidence in Abidjan.

The upgrade ends over a decade of ‘moderate risk’ classification since Côte d’Ivoire reached the Heavily Indebted Poor Countries (HIPC) completion point in 2012. In an official statement, the Ministry of Economy, Finance and Budget highlighted this milestone as a testament to the country’s disciplined fiscal policies and debt management strategies.

The IMF’s decision reflects two years of rigorous fiscal consolidation under the 2023 IMF program, which has strengthened the state’s borrowing capacity. By the end of 2025, central government debt stood at 33.159 trillion West African CFA francs, equivalent to 57.1% of GDP—down from 59.5% the previous year.

This recognition aligns with strong market sentiment. In February, Côte d’Ivoire successfully issued a 15-year eurobond, raising $1.3 billion with an oversubscription rate of nearly five times the offering. The bond’s coupon rate of 5.39% was the lowest financing cost secured by a Sub-Saharan African issuer in half a decade. This dual validation—from global markets and the IMF—cements Côte d’Ivoire’s reputation as a prime sovereign issuer in the region.