Paris is working on a new, and fairer way to engage with Africa, especially as it looks to expand its bilateral relationship with Nigeria - the ... biggest economy on the continent, says Franck Riester, France's minister of foreign trade and attractiveness, in an interview from Abuja
Zambia (government debt of 120% of GDP in 2020) was the first country to hit a crisis, defaulting on its eurobond in October. Analysts are also sounding the alarm about Angola (120.3%) and the Republic of Congo (104.5%).
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The IMF typically recommends that African countries maintain their debts at below 60% of GDP. The World Bank predicts that average sub-Saharan African debt will hit a peak of 67.4% of GDP in 2021. Growth rates are expected to pick up next year and the Covid-19 crisis has led many countries to re-evaluate their development plans.