Africa's external debt remains concentrated in its largest economies, with many governments relying on foreign borrowing to finance crucial development projects, support national budgets, stabilize their currencies, and manage existing debt obligations.

According to the latest figures from the World Bank and the International Monetary Fund (IMF), the top 10 most indebted African countries hold a combined external debt stock of $543.58 billion. This ranking is based on available 2025 data, as updated figures for several other African economies are still pending.

South Africa and Egypt together account for 60.85% of the total debt stock among the listed nations. However, when debt is considered as a proportion of each country's Gross Domestic Product (GDP), nations like Rwanda and Tunisia face a more substantial burden.

The 10 most indebted African countries by external debt stock in 2025:

10. Liberia – $1.63 billion (31.21% of GDP)

Liberia's external debt stood at $1.63 billion as of December 2025. While the absolute figure is relatively small, the nation's economy is significantly constrained by its narrow export base and limited fiscal capacity.

9. Botswana – $2.05 billion

8. Mauritius – $2.14 billion

7. Rwanda – $13.43 billion

6. Ghana – $29.40 billion

5. Tanzania – $35.54 billion

4. Tunisia – $43.31 billion

3. Nigeria – $51.86 billion

2. Egypt – $163.91 billion

1. South Africa – $200.31 billion