External debt is the total amount of money that a country owes to foreign lenders or institutions. It is an important indicator of a country’s economic health and financial stability. In recent years, many African countries have struggled with high levels of external debt, which has become a major obstacle to economic growth and development. In this article, we will examine the top 10 African countries with the most external debts in 2023.
The data for this article was obtained from the World Bank’s database on external debt statistics. We used the latest available data as of February 2023. The ranking is based on the total external debt stock of each country, which includes both public and private debt.
1.Egypt – $108.4 billion
Egypt is the country with the highest external debt in Africa, with a total debt stock of $108.4 billion. The country has been struggling with high levels of debt for many years, and the COVID-19 pandemic has only worsened the situation.
2.South Africa – $71.9 billion
South Africa is the second country on the list, with a total external debt stock of $71.9 billion. The country has been facing economic challenges in recent years, including high unemployment rates and slow economic growth.
3.Morocco – $56.6 billion
Morocco is the third country on the list, with a total external debt stock of $56.6 billion. The country has been experiencing a steady increase in external debt in recent years, which has become a concern for policymakers.
4.Nigeria – $44.7 billion
Nigeria is the fourth country on the list, with a total external debt stock of $44.7 billion. The country has been struggling with high levels of debt for many years, and the COVID-19 pandemic has only worsened the situation.
5.Angola – $40.4 billion
Angola is the fifth country on the list, with a total external debt stock of $40.4 billion. The country has been experiencing a decline in oil prices, which has had a significant impact on its economy and external debt.
6.Kenya – $34.8 billion
Kenya is the sixth country on the list, with a total external debt stock of $34.8 billion. The country has been facing economic challenges in recent years, including high levels of public debt and slow economic growth.
7.Ghana – $32.6 billion
Ghana is the seventh country on the list, with a total external debt stock of $32.6 billion. The country has been experiencing a steady increase in external debt in recent years, which has become a concern for policymakers.
8.Tunisia – $29.5 billion
Tunisia is the eighth country on the list, with a total external debt stock of $29.5 billion. The country has been facing economic challenges in recent years, including high levels of public debt and slow economic growth.
9.Ivory Coast – $19.6 billion
Ivory Coast is the ninth country on the list, with a total external debt stock of $19.6 billion. The country has been experiencing a steady increase in external debt in recent years, which has become a concern for policymakers.
10.Cameroon – $17.8 billion
Cameroon is the tenth country on the list, with a total external debt stock of $17.8 billion. The country has been facing economic challenges in recent years, including high levels of public debt and slow economic growth.
The high levels of external debt in many African countries have become a major concern for policymakers and economists. These countries face significant challenges in managing their debt and achieving sustainable economic growth. The COVID-19 pandemic has only worsened the situation.
