Some African countries on precipice of defaulting as debt rises 

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For the first time in 25 years, growth in Sub-Saharan Africa (SSA) could fall to -5.1 per cent this year due to the Covid-19 which will cost the region anywhere from US$37 billion to US$79 billion in lost output.  This is a sharp drop from last year’s figure of 2.4 per cent showing that SSA is now facing its first recession in two and a half decades. Politically unstable countries are the most adversely impacted with those dependent on the export of commodities such as oil and metals, as well as the tourism sector coming in second.  An analysis by the Global Trade Review (GTR) shows that the risk of sovereign default is growing across Africa because of higher debt levels and currency risk.  In addition, reduced demand and lower commodity prices have affected oil and metals export pushing some African countries which are particularly reliant on these commodities into deep recessions. Noteworthy is that financial pressure has increased due to lower financial inflows since investors have postponed their spending. Again, official development aid is limited.  Also Read: 2021 debt-to-GDP to reach 65% in emerging markets- IMF Countries in the SSA region are hurting economically since the pandemic has led to

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