Why Aren’t More African Countries Defaulting? The Answer Will Shock You
In 2017, 15 Sub-Saharan African countries were flagged for debt risks. Fast-forward to today, and 23 nations are drowning in unsustainable debt – yet only Ghana and Zambia have officially defaulted. What’s going on?
Despite temporary relief from G20 countries and $650 billion in IMF support, African governments are making brutal choices. Kenya’s debt payments now eat up 60% of public revenue, forcing cuts to education and healthcare. As one advisor put it: 'Salaries or default? Take your pick.'
The Hidden Cost of 'Survival Mode'
In Sierra Leone, per-person public spending has dropped 20% since 2015, while debt payments doubled. Zambia slashed budgets by 20% before its eventual collapse. Governments aren’t just borrowing from banks – they’re stealing from their children’s futures.
COVID, Ukraine war inflation, and a strong US dollar created a perfect storm . But the real crisis? Silent austerity. Empty classrooms, understaffed clinics, and crumbling roads – this is the price of avoiding default.
'Salaries or default? Take your pick.'
Governments aren’t just borrowing from banks – they’re stealing from their children’s futures.
. But the real crisis? Silent austerity. Empty classrooms, understaffed clinics, and crumbling roads – this is the price of avoiding default.
Kenya & China Strengthen Ties with Historic…
