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Browsing: Chinese debt to Africa
The presence of China in Africa has increased rapidly over the years, as measured by the number of Chinese living in Africa, or the quantity of trade, aid and investments.
However, the presence of the Chinese in Africa has caused an uproar, with some people claiming that they have been grabbing land in Africa.
This, according to reports, has been necessitated by the willing of African leaders to sell land to the Chinese, when Africans are not allowed to purchase the same in China.
A video posted on YouTube by one of the Africans has highlighted how the Chinese are easily owning property in Africa when Africans are prohibited from buying the same in China.
The video seen by this writer, on a YouTube channel dubbed United States of Africa, highlights some of the reasons why the Chinese own apartments in Africa, while Africans are not allowed to make a
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Public funds are seldom enough to fund developmental projects which is why many Africa countries have turned to debt. Albeit the challenge with accumulating mounds of debt is the equal mounds of repayment obligation with the added inconvenience of interest accrual.
The fluctuations in commodity prices which African countries rely on have not helped the situation. Data from the IMF indicates that 20 of the 54 countries in Africa are already in or headed towards distress.
With the rising number of countries going towards the red zone, it is certainly a nerve-wracking fact for Africa.
COVID-19’s Impact on African Debt
The arrival of coronavirus on the continent caused much alarm; rightfully so, given the devastation on health and the economy around the wealth. The transmittal effect of world economic standstill, recession, and local lockdowns heavily damped economic activity.
One of the major risk factors that the heavily indebted African countries …