Africa in debt spiral as restructuring efforts drag on

Debt

Rise in interest rates and over-indebtedness is already crimping the ability of African countries to finance their development. PHOTO | SHUTTERSTOCK

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While the explosion of debt is throwing a shadow over global economic growth, experts warn that Sub-Saharan Africa, where several countries are already in default, is experiencing its worst-ever crisis.

The rise in interest rates and over-indebtedness is already crimping the ability of countries to finance their development, as a number of African leaders emphasised at appearances at the World Economic Forum in Davos.