The 10 Most Indebted African Countries.
In today's global economy, debt is a fact of life for most countries, but for some African nations, it has become an overwhelming burden. These countries are faced with a debt crisis that threatens their economic stability and, in some cases, their very survival. The total external debt of Africa has been on the rise over the past decade. In 20 21, the debt of sub-Saharan Africa alone reached a record high of 726 billion dollars according to Statistica.
This debt is made up of loans from international financial institutions, such as the World Bank and the International Monetary Fund, as well as from private lenders. One key measure of a country's debt burden is the debt-to-gross domestic production ratio, which compares a country's debt to the size of its economy. Debt-to-GDP ratio as it is usually called is an important indicator of a country's fiscal health, and it is particularly relevant for African countries that are heavily indebted.
High debt-to-GDP ratios can be a drag on economic growth and development, as debt service payments can eat up a large portion of government revenues, leaving fewer resources available for investment in infrastructure, health care, education, and other social services. In today’s video, we'll be taking a closer look at 10 African countries that are on the list of heavily indebted countries. We'll explore their histories, economies, and the reasons behind their mounting debt burdens.
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