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AFRICA'S $824 BILLION DEBT BURDEN, LOANS HINDER ITS POTENTIAL, AFRICAN
DEVELOPMENT BANK PRESIDENT WARNS

 *  Monday, April 22, 2024 12:46 AM
 * 1 minute Reading
   


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ABIDJAN, 22nd April, 2024 (WAM) – Africa's immense economic potential is being
undermined by non-transparent resource-backed loans that complicate debt
resolution and compromise countries' future growth, African Development Bank
President Akinwumi Adesina said recently.

"I think it's time for us to have debt transparency accountability and make sure
that this whole thing of these opaque natural resource-backed loans actually
ends, because it complicates the debt issue and the debt resolution issue,"
Adesina told journalist Yinka Adegoke at the Semafor World Economy Summit taking
place on the sidelines of the International Monetary Fund and World Bank 2024
Spring Meetings.

Adesina highlighted the challenges posed by Africa's ballooning external debt,
which reached $824 billion in 2021, with countries dedicating 65% of their GDP
to servicing these obligations. He said the continent would pay $74 billion in
debt service payments this year alone, a sharp increase from $17 billion in
2010.

While acknowledging the fiscal pressures faced by African nations due to the
Covid-19 pandemic, infrastructure needs, and rising inflation, Adesina
emphasised the need to address the structural issues in Africa's debt landscape.
He pointed out the shift from concessional financing to more expensive and
short-term commercial debt, with Eurobond debt now accounting for 44% of
Africa's total debt, up from 14-17% previously.

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country, and on June 18, 1977, “WAM” practically began its long and professional
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