Inside Africa’s debt bind
Ghana’s recent sovereign debt default, following those of Ethiopia, Zambia and Chad, may raise concerns about South African banks’ rest-of-Africa exposure. Analysts allay those fears — but with pressure on countries around the continent, there may still be a drag on local growth
20 July 2023 - 05:00
Many Sub-Saharan African countries seem to be in a position not that different from the one they found themselves in at the turn of the century: laden with government debt and running large fiscal deficits.
As a result, the sovereign default list is growing, with questions being raised about what this means for South African banks operating in debt-distressed nations — and which country will be next to fall...
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