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The UN warns of record levels of government debt of African countries

Reached 1 trillion dollars

Aug 19, 2024 11:11 242

The UN warns of record levels of government debt of African countries  - 1

The total government debt of African countries reached 1 trillion. USD, announced the Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Claver Gatte.

„The public debt of African countries has reached the level of 1 trillion. USD, quoted by ag. Bloomberg. “Every third African country with a high level of public debt is now facing serious financial problems”. Gatte noted that Africa's growing debt burden comes amid declines in long-term concessional financing, official development assistance and foreign direct investment. The effects of climate change are hitting Africa very hard, causing annual cumulative losses of up to 5% of the continent's GDP.

According to UN data, Zimbabwe, Ghana and Ethiopia are in the most difficult financial situation.

Government debt growth is not just happening in Africa. According to estimates by the debt watchdog IFF Global, the total debt of all countries in the world will amount to $91.4 trillion in the first quarter of 2024.