Defaults are unlikely in sub-Saharan Africa this year. But the pain is real
Save time by listening to our audio articles as you multitaskjudged that eight countries in sub-Saharan Africa were in debt distress or at high risk of it. Zambia defaulted in 2020. By March the’s list had grown to 23 countries. African governments owe money not only to rich countries and multilateral banks but also to China and bondholders.
In 2010, amid a commodity boom and after a big debt write-off for many poor countries, African governments were on average spending less than 5% of revenues servicing foreign loans. By 2021 this had jumped to 16.5%, says the Jubilee Debt Campaign, an. This is higher than the 12.5% average of other emerging markets. In Ghana external debt costs consume 44% of government revenues, reckons theFor oil exporters such as Angola and Gabon, higher crude prices help.
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