We conduct a cross‐national analysis to test the dependency theory hypothesis that International Monetary Fund structural adjustment adversely impacts maternal mortality in sub‐Saharan Africa. We use generalized least square random effects regression models and modified two‐step Heckman models that correct for endogeneity using data on 37 African nations with up to four time points (1990, 1995, 2000, and 2005). We find support for our hypothesis, which indicates that sub‐Saharan African nations that receive an International Monetary Fund structural adjustment loan tend to have higher levels of maternal mortality than sub‐Saharan African nations that do not receive such a loan. This finding remains stable when controlling for endogeneity related to whether or not a sub‐Saharan African nation receives a structural adjustment loan. We conclude by discussing the theoretical implications, methodological implications, policy suggestions, and possible directions for future research.