positive sign?

Is Africa really in a debt crisis?

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This article is part of the dossier:

Africa’s new debt deals

By Gaëlle Arenson

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Posted on June 8, 2022 09:40

The number of African countries at risk of debt distress has doubled since Covid-19, but only three of them have opted for debt restructuring. At the same time, the issuance of Eurobonds has continued. Is this a sign of a new maturity?

This is part 2 of a 5-part series

Paris, 22 March. The debate, organised by the Franklin law firm, on the renegotiation of the sovereign debt of low-income countries, particularly those in Africa, is lively. The divergence of views between Michel Sapin and Lionel Zinsou is obvious. The former, an ex-French economy and finance minister, is concerned about the resumption of debt service payments in these countries, which are unable to sustain their liabilities. “We are at a crucial moment; decisions must be made to avoid irreparable damage,” he says.

The latter, Benin’s prime minister from 2015 to 2016 and now managing partner of the investment bank SouthBridge, is less alarmist and keeps repeating that Africans have made progress in managing their public debt based on their past experiences. “There are many more opportunities for resource mobilisation today. They are presented as a

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