Debt distress in Africa: biggest problems, and ways forward

The COVID pandemic has had a profoundly negative impact on Africa’s sovereign debt situation. Currently, 22 countries are either in debt distress or at high risk of debt distress. This means that African governments are struggling to pay the debts that they incurred on behalf of their states. For example, Mozambique and Zimbabwe are already in debt distress. Others at high risk include Malawi, Zambia and Comoros.

In 2020, sub-Saharan Africa had a total external debt stock of US$702.4 billion, compared to US$380.9 billion in 2012. The amount owed to official creditors, including multilateral lenders, governments and government agencies, increased from about US$119 billion to US$258 billion. In our new book we address the challenges that these changes have created for sovereign debt management for the 16 countries in the Southern Africa Development Community.

They pay attention to the impact of the COVID-19 pandemic on the debt situation but also recognise that it is only one factor contributing to the difficult debt situation in the region. Thus, they also focus on the broader domestic and international factors that are shaping debt management in the region.Contributors make five key recommendations:

Sovereign debtors should disclose this information to their creditors, the multilateral financial institutions of which they are member states. They should also make the information publicly available through national platforms. This would require policymakers providing guidance to their debt managers on the terms and conditions they can accept in contractual negotiations.

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