Africa’s creditors come calling as debt distress looms large
In Africa, countries considered to be in debt distress and at high risk of such distress are Zambia, Congo, Mozambique and Zimbabwe, Burundi, Cameroon, Chad, Gambia, Guinea, Ghana, Kenya, South Sudan, and Togo. PHOTO | SHUTTERSTOCK
African countries are increasingly under pressure to review and renegotiate their foreign debts to avoid default from the Bretton-Woods institutions and commercial lenders before the end of 2023.
The move comes at a time when at least 23 low-income countries in Africa, including Kenya, are facing a debt crisis as they are expected to pay $68.9 billion in external debt service in 2023.
