Africa’s debt grew from an average of 30 percent as a ratio of gross domestic product (GDP) in 2010, to over 60 percent currently, while most developed countries have a debt-to-GDP ratio of less than 40 percent. PHOTO | SHUTTERSTOCK
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Rich countries and organisations that were previously sending grants to Africa as official development assistance (ODA) have now resorted to lending instead, worsening the debt crisis that African countries face, a new report shows.
The report titled ‘A world of Debt’ published by the United Nations Conference on Trade and Development (Unctad) reveals that the share ODA has given in form of loans instead of grants has increased by over six percent since 2012.
