According to a study by Afreximbank, East Africa, with countries such as Kenya and Tanzania, is the most indebted, while Central Africa is the least indebted with a debt-to-GDP ratio of 35.4%. West Africa follows in second place, with North Africa and South Africa in third and fourth place respectively. In 2022, defaulted loans in Africa reached a record high of $149.4 billion, a figure not seen in 30 years, exacerbated by the pandemic, the war in Ukraine and interest rate hikes. More than half of African countries are now at high risk or in debt distress.
Source: Africa News Agency