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In mid-2024, African countries are grappling with high debt-to-GDP ratios due to excessive borrowing, economic mismanagement, and political instability. Eritrea, Sudan, and Zambia top the list, with debts exceeding their economic output.

In mid-2024, many African nations face mounting debt due to factors such as excessive borrowing, economic mismanagement, and political instability. These challenges have created significant financial burdens, and the following countries have emerged as the top 10 with the largest debt-to-GDP ratios:
  1. Eritrea (210.6% of GDP): Eritrea leads the continent with a debt that surpasses its annual economic output.
  2. Sudan (146.5% of GDP): Political unrest, famine, and economic woes have left Sudan with an overwhelming debt load.
  3. Zambia (107.5% of GDP): Heavy infrastructure borrowing has pushed Zambia into severe debt distress, particularly from external creditors.
  4. Cape Verde (107.1% of GDP): COVID-19 pandemic borrowing, especially in this tourism-dependent country, has exacerbated its debt situation.
  5. Mozambique (97.5% of GDP): Mozambique’s debt burden is tied to public spending and scandals like the “hidden debt” crisis.
  6. Republic of the Congo (94.7% of GDP): Reliance on oil revenues and price volatility has trapped Congo in a debt spiral.
  7. Zimbabwe (87.2% of GDP): Years of hyperinflation and currency devaluation continue to weigh on Zimbabwe's financial stability.
  8. Malawi (85.4% of GDP): Malawi’s debt crisis is driven by its reliance on foreign aid and agricultural instability.
  9. Ghana (82.4% of GDP): Despite efforts at economic reform, Ghana struggles with inflation and a depreciating currency.
  10. Mauritius (79.1% of GDP): The pandemic’s impact on tourism has significantly increased the debt burden on this island nation.
These countries highlight the debt challenges many African nations face amid global economic pressures and regional instability.