How debt has reached record levels in Africa

Breakdown

• About half of African countries now spend 20-30% of their income on interest payments, reducing funds for health and education. 6s
• African public debt rose from about one-third of GDP in 2010 to nearly 60% by 2020, with some countries even higher. 24s
• After the 2008 financial crisis, African countries increasingly borrowed from private lenders and China at higher interest rates. 1m 21s
• Recent global shocks, including the pandemic and rising interest rates, have made it harder for African countries to service debt, leading several into debt distress. 2m 3s
• South Africa and the AU secured a G20 declaration calling for urgent reform of the G20 Common Framework to help developing countries resolve debt challenges and invest in critical sectors. 2m 54s