Many African countries are currently dealing with massive debt loads as a result of problems like excessive borrowing, bad economic management, unpredictable political contexts, and volatile commodity prices.
The top ten African nations with the highest debts levels as of mid-2024 are listed below:
Eritrea (GDP of 210.6%)
Eritrea has Africa’s highest debt ratio, which is much higher than its yearly GDP.
Sudan (GDP of 146.5%)
Famine, political instability, and economic troubles have left Sudan, a country in Northeast Africa, with one of the largest debt loads on the continent.
Zambia’s GDP (107.5%)
Due to extensive borrowing, especially from outside sources, for infrastructure projects, Zambia is in severe debt difficulties.
Cape Verde (GDP of 107.1%)
Cape Verde is an island nation in the central Atlantic Ocean that depends on tourism. The nation’s debt increased as a result of borrowing during the COVID-19 pandemic.
Mozambique (GDP of 97.5%)
Public spending and the infamous “hidden debt” issue are linked to Mozambique’s debt load.
Republic of the Congo (Congo): 94.7% of GDP
Because of its reliance on oil earnings and the erratic nature of oil prices, the Republic of the Congo is deeply indebted.
Zimbabwe’s GDP (87.2%)
Years of hyperinflation, currency devaluation, and poor economic management are all factors in Zimbabwe’s debt.
Malawi’s GDP (85.4%)
The Great Rift Valley divides the highland region of Malawi, an island republic in southeast Africa, and the enormous Lake Malawi sets it apart. The nation’s reliance on foreign help and agricultural instability are the main causes of its debt problems.
Ghana’s GDP (82.4%)
Ghana has a population of about 35 million, making it the second most populated country in West Africa. Despite its economic reforms, the nation continues to face challenges with a weakening currency, rising debt levels, and inflation.
Mauritius: 79.1% of total income
Famous for its beaches, lagoons, and reefs, Mauritius is an island republic in the Indian Ocean off the southeast coast of East Africa, east of Madagascar. The COVID-19 pandemic’s economic effects, especially in the travel and tourism industry, led to an increase in the island nation’s debt.
