African Development Bank chief blames unfair debt ratings for higher fundraising costs
South African President Cyril Ramaphosa says the continent’s heavy debt burden hampers its economic growth. © Reuters
CAPE TOWN, South Africa — Sub-Saharan African countries previously shut out of the bond market are resuming debt offerings denominated in foreign currencies, raising more than $10 billion in 2024.
At the same time, China's lending to Africa has fallen from its peak of nearly $30 billion in 2016 to $4.6 billion in 2023, according to the Global Development Policy Center at Boston University.
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