Debt levels are rising dangerously many.The roots of Africa’s new debt emergency grew out of the US financial crisis a decade ago.
As global markets roiled after the exposure of incompetence and corruption at the heart of some of the world’s biggest financial institutions in 2008, African finance ministers reassured their colleagues that their economies, with their limited links to the international system, would not suffer much direct damage.
A list of the top ten indebted countries in Africa according to world Bank and CIA world fact book has been dropped sparking conversations about the serious crisis.
Below are the top 10 indebted countries in Africa, according to World Bank and CIA World Factbook with information regarding the external debt of each country…#AfricaDebtCrisis pic.twitter.com/pUZa8xlFKH
— African Zeal (@African_Zeal) December 2, 2018
We have a Very Huge Debt to an extent that even the Newborns owe the Governments. It’s very sad considering we have nothing to show for the Debts. Just failed projects here and there. #AfricaDebtCrisis pic.twitter.com/nrh4rFBuov
— BRAVIN™ (@ItsBravin) December 2, 2018
I’m an unemployed youth.
I owe the government over 100K which I’ve never seen.
My Kid whom I’m yet to sire owes them over 80K.
My grandson also owes the govt..I’m not sure if I’ll ever get one.#AfricaDebtCrisis— Brian Kubasu (@ItsKubasu) December 2, 2018
Although Kenya is not in the top 10 the growth of its debt is also worrying Kenyans.
Kenya’s debt to China has grown by 658% since 2013! The consequences of this may be severe if action is not taken in the coming years #AfricaDebtCrisis pic.twitter.com/lYcqOshCBy
— Shikoh Kihika (@Shikohkihika) December 2, 2018
One suggested in twitter comments that Kenyans are furious because Kenya is not in the ten with high debts.
Kenyans are furious because Kenya is not in the @African_Zeal‘ 2017 list of the most indebted countries in Africa, hahaha! Wakenya tuko tu funny.#AfricaDebtCrisis https://t.co/TZr1wgtECR
— Kwale Gunner ?? (@Sam_Lulli) December 2, 2018
We know that all African countries got these debts but is there a country that gets loans so recklessly than the Kenyan Gvn’t under Jubilee administration? #AfricaDebtCrisis pic.twitter.com/r7gzaEohcX
— Kwale Gunner ?? (@Sam_Lulli) December 2, 2018
I have always said that the Jubilee is a curse to Kenya so that come 2022 we will not vote on tribal lines.The plunders of our economy are not borrowing to service another loan.What a tragedy?#AfricaDebtCrisis
— Bota Nyakunu (@Botanyakunu) December 2, 2018
Kenya is the third biggest borrower from China in Africa and the strain of the mounting debt is showing we will be the first biggest borrower. Big question, is this borrowing appetite beneficial?#AfricaDebtCrisis
— B A R A Z A (@Baraza_ba) December 2, 2018
The roots of Africa’s new debt emergency grew out of the US financial crisis a decade ago. As global markets roiled after the exposure of incompetence and corruption at the heart of some of the world’s biggest financial institutions in 2008, African finance ministers reassured their colleagues that their economies, with their limited links to the international system, would not suffer much direct damage.
Do you Africa will ever clear its debts?