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Addressing African debt burdens In the first two months of 2020, before COVID-19 struck the global economy, emerging markets experts warned of a growing “wall” of sovereign debt repayments threatening many African nations. Obligations to official ( i.e., national) creditors comprised a large share of the burden, but of equal concern was the growth of indebtedness to private (i.e., individual) creditors, fueled by recent years’ increases in foreign bond issuance. By the start of 2021, concern has become crisis. Across the world, COVID-19 has ravaged economies and government revenues. For...

Various international bodies have indicated that sub-Saharan Africa is the region with the fastest growing debt burden in the world, with the pace of increase raising concerns about debt sustainability on the continent. According to SA Reserve Bank governor Lesetja Kganyago the magnitude, pace and spread of the build-up in debt obligations have raised macroeconomics and financial stability concerns, especially in emerging and developing countries. Kganyago said: “Debt levels have been increasing considerably during 2020 with the interplay between various factors, most notable the need to m...