Due to issues including excessive borrowing, poor economic management, unstable political environments, and volatile commodity prices, many African countries are today struggling with huge amount of debts.
Here are the top 10 countries in Africa with the largest debts in mid-2024.
Eritrea (210.6% of GDP)
Eritrea holds the highest debt ratio in Africa, significantly exceeding its annual economic output.
Sudan (146.5% of GDP)
Sudan is a nation in Northeast Africa that is now dealing with famine, political unrest, and economic hardships that have left it with one of the biggest debt loads on the continent.
Zambia (107.5% of GDP)
Zambia is in huge debt distress due to heavy borrowing for infrastructure projects, particularly from external sources.
Cape Verde (107.1% of GDP)
Cape Verde is a tourism-dependent island country in the central Atlantic Ocean. The country’s borrowing during the COVID-19 pandemic contributed to its debt rise.
Mozambique (97.5% of GDP)
Mozambique’s debt load is associated with both the notorious “hidden debt” scandal and public spending.
Congo (Republic of the Congo) – (94.7% of GDP)
The Republic of the Congo is heavily debt-ridden due to its reliance on oil revenues and the volatile nature of oil prices.
Zimbabwe (87.2% of GDP)
Zimbabwe’s debt is tied to years of hyperinflation, currency devaluation, and economic mismanagement.
Malawi (85.4% of GDP)
Malawi, an Island nation in southeastern Africa, is distinguished by its highland territory divided by the Great Rift Valley, and the massive Lake Malawi. The country’s debt issues stem from its dependence on foreign aid and agricultural instability.
Ghana (82.4% of GDP)
Ghana is West Africa’s second most populous country, with a population of approximately 35 million.
The country still struggles with high debt levels, worsened by inflation, and a depreciating currency despite its economic reforms.
Mauritius – 79.1% of GDP
Mauritius, an Indian Ocean Island nation off the southeastern coast of East Africa, east of Madagascar is known for its beaches, lagoons and reefs.
The Island nation’s debt increased due to the economic impact of the COVID-19 pandemic, particularly in the tourism sector.
