According to the World Bank, these are the most indebted African States. This Countries have been ranked according to each country’s external debt. External debt is the total public and private debt owed to nonresidents (Foreigners), repayable in internationally accepted currencies, goods or services.
Of the top ten countries, South Africa leads with a debt of 137.5 billion dollars, followed by Egypt (48.76 Billion dollars) and Sudan with an external debt of 39.7 Billion dollars. Tanzania leads in the East Africa region with a debt of 11.18 Billion dollars.
Here are the top ten most indebted countries, as at 2017:
- South Africa- 137.5 Billion dollars
- Egypt- 48.76 Billion dollars
- Sudan- 39.7 Billion dollars
- Morocco- 29.42 Billion dollars
- Tunisia- 24.49 Billion dollars
- Angola- 19.65 Billion dollars
- Ghana- 11.23 Billion dollars
- Tanzania- 11.18 Billion dollars
- Nigeria- 10.1 Billion dollars
- Ethiopia- 9.956 Billion dollars
According to African Zeal, here are the ways that can be instituted to minimize Africa’s debt:
- Increased tax collections.
- Increased transparency.
- Reducing corruption, plundering of public wealth and minimizing wastage.
- Tapping into local currency debt markets.
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