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African countries continue to grapple with significant debt burdens owed to the International Monetary Fund (IMF).
According to data from the fourth quarter of 2024, ten countries stand out as having the largest debts, with Egypt leading the list.
Egypt tops the ranking with a debt of $9.45 billion, placing immense pressure on its economy. Kenya follows in second place with $3.02 billion, while Angola ranks third with $2.99 billion in debt.
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Other countries on the list include Ghana ($2.25B), Ivory Coast ($2.19B), and the Democratic Republic of Congo (DRC) ($1.6B). Ethiopia also appears with a debt of $1.31 billion, followed by South Africa ($1.14B), Cameroon ($1.13B), and Senegal ($1.11B).
This situation highlights the challenges these nations face in managing their debt, particularly during a period of global economic difficulties. These high debt levels affect governments’ abilities to fund development projects and provide essential services to their citizens.
However, some countries have initiated measures to reduce debt and improve domestic revenue generation. These efforts aim to decrease reliance on international loans and foster economic resilience.
Overall, this report serves as a reminder to African nations of the importance of strengthening financial policies, controlling government expenditures, and investing in revenue-generating projects to mitigate the long-term burden of debt for future generations
