As China revises its Africa strategy, Beijing's lending to the continent nearly halved to $2.1 billion in 2024, marking the first annual decline since the COVID-19 pandemic.

The figure is less than a tenth of the $28.8 billion peak recorded in 2016 and underscores a shift away from large-scale infrastructure projects,  such as railways and roads but toward smaller and more commercially viable investments.

 Analysts say the change reflects lessons from losses on earlier loans, particularly after pandemic-related economic pressures pushed countries including Zambia, Ghana, and Ethiopia into debt default.

Thami Ngubeni spoke to Bernard Ouandji, former senior economist for the United Nations based in Cameroon.