Even though Africa has the fastest-growing continental economy, the cause of great concern is debt. The continent’s borrowing started in 2007 and it continues unabated. African countries have the smallest debts in the world compare to other western countries. Countries like Kenya didn’t make the top 20 African countries with the most debt; as of March 2014 it has one of the lowest external debt in Africa and the world at $3.6 billion.
Below are top 20 African nations with the most debt, according to World Bank and the C.I.A World Fact book with information regarding external debt of each country in US dollars. External debt is the total public and private debt owed to nonresidents, repayable in internationally accepted currencies, goods or services.
Top 20 Most Indebted African Countries are:
20. UGANDA – $4,126,000,000
19. NAMIBIA – $4,205,000,000
18. ALGERIA – $4,344,000,000
17. IVORY COAST – $4,743,000,000
16. MOZAMBIQUE – $4,880,000,000
15. LIBYA – $5,278,100,000
14. ZAMBIA – $5,455,000,000
13. ZIMBABWE – $6,975,000,000
12. REPUBLIC OF CONGO – $7,645,000,000
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10. ETHIOPIA – $9,965,000,000
9. NIGERIA – $10,200,000,000
8.TANZANIA – $11,190,000,000
7. GHANA – $11,240,000,000
6. ANGOLA – $20,650,000,000
5. TUNISIA – $24,500,000,000
4. MOROCCO – $29,430,000,000
3. SUDAN – $39,750,000,000
2. EGYPT – $48,860,000,000
1. SOUTH AFRICA – $137,800,000,000
From the above African countries debt list, we can see that South Africa is the country with the most debt in Africa, while Nigeria is the 9th on the list. These countries has received warnings from the IMF on the growing international sovereign debt in which they incur as it affects and damages their various economies.