Browsing: Economic growth in Africa 2023

Economies the world over have made significant recoveries from the effects of the Covid-19 pandemic, Russia-Ukraine conflict and disruptive supply chains with positive growth recorded in 2022.

Many of these key economies are in Africa.

However, majority of the African continent remains highly exposed to risks that could hinder growth in 2023.

One of the major concerns is debt serving, where African nation’s debt as a percentage of GDP has been rising faster than expected over the past decade.

It is estimated on average that most African nations’ Debt to GDP ratio, as of 2022, stands at 24.1 per cent with some countries having even higher rates.

About 35 per cent of the continent’s external debt is owed to banks, asset managers and oil traders in the West, with Chinese lenders accounting for around 12 per cent.

Of the about $444 billion in debt repayments governments in the continent will