Africa’s Debt Crisis Deepens As Borrowing Costs Soar, Says AU Chief - Foreign Affairs - Nairaland
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| Africa’s Debt Crisis Deepens As Borrowing Costs Soar, Says AU Chief by AGCNewsNet(op): 2:40pm On Nov 12, 2025 |
Africa’s debt stock continues to swell due to high borrowing costs and limited access to concessional finance, African Union (AU) Commission Chairperson Mahamoud Ali Youssouf said on Monday. Speaking at the G20–Africa High-Level Dialogue on Debt Sustainability, Cost of Capital and Financing Reforms in Addis Ababa, Youssouf — represented by AU Commissioner for Economic, Trade, Tourism, Industry and Mining, Francisca Tatchouop Belobe — said debt-service payments across the continent exceeded $70 billion in 2024 alone, consuming a growing share of public revenues and eroding fiscal space. “Today, many African governments are spending more on servicing debt than on investing in human development,” Youssouf said, according to the AU. “Approximately 57 percent of Africa’s population lives in countries where debt servicing surpasses social spending.”https://www.agcnewsnet.com/article/6584 Click here to continue reading: https://www.agcnewsnet.com/article/6584
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