 15 Most Indebted Countries in Africa Hello and welcome to this video in which we will talk about the 15 debt-ridden nations in Africa. Due to the quest to provide basic social services, improve standard of living, many African nations have resorted to debts for neighboring countries or from international bodies like the Africa Development Bank, IMF, and more. Have you ever wondered which countries have the highest debts in Africa? Where do they get the money from and what they do with the money? For many African nations, debt is a serious issue that negatively affects both their economies and the lives of their residents. As of 2023, the countries we'll be talking about in this video have a combined debt load of more than $330 billion. These nations' high levels of debt are a result of their ongoing struggles with economic instability, political unrest, and other issues. Many of them have attempted to bargain with their creditors for debt reduction, but the process has been difficult. The effects of debt on these nations can be significant, affecting everything from infrastructure development and poverty reduction to healthcare and education. Hello there, I'm James your host and you're watching Africa Reloaded. Before we start, kindly support our channel by liking and subscribing. Without further ado, let's examine the top 15 debt-ridden nations in Africa. 15. Nigeria Over 200 million people call Nigeria one of the biggest and most populated nations in Africa. Nigeria is another debt-ridden nation in Africa, with a total debt of more than $85 billion as of 2023. The majority of the nation's debt is comprised of external obligations to foreign lenders like the Chinese government and the World Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Nigeria is a significant oil exporter, and is home to Africa's greatest oil reserves. Around 90% of the nation's exports are made up of oil, which also provides a sizable portion of government income. 14. Kenya As of 2021, Kenya had a cumulative debt of more than $65 billion, making it one of the most indebted nations in Africa. The majority of the nation's debt is comprised of external obligations to foreign lenders like the Chinese government and the World Bank. The Kenyan government has been significantly relying on borrowing in recent years to pay for budget deficits, as well as infrastructure projects including ports, railroads, and roads. Kenya's debt problems were made worse by the COVID-19 epidemic because the government had to take out more loans to pay for the response to the pandemic and maintain the economy. The Kenyan government has been implementing fiscal consolidation measures to lower the budget deficit in addition to negotiating debt relief with its creditors in an effort to manage its debt load. However, there are worries that the nation's amount of debt may restrict its capacity to spend in crucial areas like education, healthcare, and social welfare. 13. Sudan With a total debt of more than $60 billion as of 2023, Sudan is one of the most indebted nations in Africa. Years of economic unrest and conflict have made Sudan's debt problem worse. Numerous issues have been plaguing the nation, such as excessive inflation, currency devaluation, and a lack of foreign currency. The majority of the nation's debt is comprised of external obligations to foreign lenders like the World Bank and the International Monetary Fund. The heavily indebted poor country's HIPC initiative, which Sudan qualified for in 2020, will grant the nation significant debt relief during the ensuing years. 12. Angola With a total debt of more than $39 billion by 2023, Angola ranks among the most indebted nations in Africa. The majority of the nation's debt is comprised of external obligations to foreign lenders like the Chinese government and the World Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Due to years of poor economic management, corruption, and a disproportionate reliance on oil exports, Angola's financial situation has gotten worse. The nation has been battling a number of issues, such as a high rate of poverty, little economic diversification, and poor governance. 11. Ghana As of 2023, Ghana had a total debt of more than $38 billion, making it one of the most indebted nations in Africa. The majority of the nation's debt is comprised of external obligations to foreign lenders including the World Bank, the International Monetary Fund, and China. Years of economic difficulties such as rising inflation, currency depreciation, and a big fiscal deficit have made Ghana's debt situation worse. The nation's high debt levels, which are a result of these causes, have sparked worries about the sustainability of the debt and the nation's capacity to pay off its debt in the long run. In order to support the execution of economic reforms aimed at stabilizing the nation's economy and lowering debt, Ghana and the International Monetary Fund, IMF, engaged into an extended credit facility, ECF, in 2015. Despite these initiatives, Ghana's debt levels are still high. 10. Tunisia Among the most indebted nations in North Africa, Tunisia had debts of more than $30 billion as of 2023. The majority of the nation's debt is comprised of external obligations to foreign lenders like the World Bank, the International Monetary Fund, and the African Development Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Though progress has been slow, the administration has been attempting to negotiate debt relief with its creditors. The International Monetary Fund, IMF, and Tunisia engaged into an extended fund facility, EFF, in 2016, which supported the implementation of economic reforms aimed at stabilizing the nation's economy and lowering debt. 9. Mozambique Another debt-ridden nation in Africa is Mozambique, which as of 2021 has a total debt of more than $14 billion. The majority of the nation's debt is comprised of external obligations to foreign lenders like the World Bank and the African Development Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Though progress has been slow, the administration has been attempting to negotiate debt relief with its creditors. 8. Cameroon At more than $16 billion in debt as of 2023, Cameroon is one of the most indebted nations in Central Africa. The majority of the nation's debt is comprised of external obligations to foreign lenders including the World Bank, the International Monetary Fund, and China. Years of economic difficulties, including as slow economic growth, high unemployment, and political instability, have made Cameroon's debt situation worse. The nation's high debt levels, which are a result of these causes, have sparked worries about the sustainability of the debt and the nation's capacity to pay off its debt in the long run. Despite initiatives to reduce these debts, Cameroon's debt levels remain high, raising worries that this condition may prevent the nation from making critical investments in infrastructure, healthcare, and other sectors. 7. Congo Another debt-ridden nation in Africa is Congo, which as of 2021 has debts totaling more than $11 billion. The majority of the nation's debt is comprised of external obligations to foreign lenders like the Chinese government and the World Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Though progress has been slow, the administration has been attempting to negotiate debt relief with its creditors. 6. Zimbabwe Zimbabwe is another debt-ridden nation in Africa, with a total debt of more than $8 billion as of 2021. The majority of the nation's debt is comprised of external obligations to foreign lenders like the World Bank and the African Development Bank. Years of economic hardships, such as hyperinflation, currency devaluation, and political unrest, have made Zimbabwe's debt situation worse. The nation's high debt levels, which are a result of these causes, have sparked worries about the sustainability of the debt and the nation's capacity to pay off its debt in the long run. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. 5. Chad Another debt-ridden nation in Africa is Chad, which as of 2021 has debts totaling more than $4 billion. The majority of the nation's debt is comprised of external obligations to foreign lenders like the World Bank and the African Development Bank. Years of economic hardships, such as low oil prices, slow economic growth, and political unrest, have made Chad's debt situation worse. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Although the administration has been attempting to negotiate debt relief with its creditors, little apparent progress has been made. 4. Djibouti With a population of roughly one million, Djibouti is a tiny nation in the Horn of Africa. Due to its advantageous location at the intersection of three continents, Africa, Asia, and Europe, the nation's economy is heavily centered on services, particularly transportation and logistics. As of 2023, Djibouti had a total debt of more than $3 billion, making it one of the most indebted nations in Africa. The majority of the nation's debt is comprised of external obligations to foreign lenders like the Chinese government and the World Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. 3. Mauritania As of 2023, Mauritania had a total debt of more than $3 billion, making it one of the most indebted nations in Africa. The majority of the nation's debt is comprised of external obligations to foreign lenders like the World Bank and the African Development Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Though progress has been slow, the administration has been attempting to negotiate debt relief with its creditors. 2. South Sudan In 2011, the young nation of South Sudan declared its independence from Sudan. Despite having a wealth of natural resources, especially oil, the nation has experienced significant economic difficulties since attaining independence. With a total debt of more than $3 billion as of 2023, South Sudan's financial status is worrying. The majority of the nation's debt is comprised of external obligations to foreign lenders including China, the World Bank, and the African Development Bank. Concerns regarding the nation's ability to sustain its debt and pay off its debt in the long run have been raised by the high levels of debt in the nation. Years of conflict and political unrest have also had a significant impact on South Sudan's economy, which has resulted in low economic growth, high inflation, and a foreign exchange shortage. 1. Eritrea With a total debt of more than $1 billion as of 2021, Eritrea is one of the most indebted nations in Africa. The majority of the nation's debt is comprised of external obligations to foreign lenders like the World Bank and the African Development Bank. For many years, the nation has struggled with economic instability and political unrest, which has added to its high levels of debt. Though progress has been slow, the administration has been attempting to negotiate debt relief with its creditors. Governments, international organizations, and other stakeholders must work together to develop sustainable solutions to the complicated problem of debt in Africa. In conclusion, debt is a severe problem for many African nations and has a big impact on their economy and inhabitants' lives. The 15 nations we've covered in this video are among the most indebted in Africa and they struggle to manage their debt loads. I appreciate you for watching to the end. 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