Solving for Africa’s Debt Crisis

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Many African countries are grappling with the challenge of managing high debt while meeting pressing development needs and stabilizing their currencies. Over the past decade, government debt has surged across at least 40 African nations, leading to budget shortfalls and exchange rate pressures. Although some progress has been made, with a few countries accessing international markets despite high interest rates, the overall situation remains challenging. By 2022, African governments were allocating approximately 12% of their revenues to servicing debt, with some prioritizing debt repayment over healthcare spending. Furthermore, over half of low-income African countries were struggling to meet their debt obligations by late 2023, according to the International Monetary Fund. Professor and Senior Research Fellow at the University of Pretoria’s Centre for Advancement of Scholarship Danny Bradlow along with Development Economist and Executive Director at SE Advisory Dr Bheki Mfeka join Nhlanhla Sehume for the conversation.

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