Interest payments on debt in sub-Saharan Africa are skyrocketing

Interest payments on long-term debt in sub-Saharan Africa rose nearly seven-fold to $26 billion between 2010 and 2023, according to the World Bank.

The increase came as the region’s foreign borrowing doubled to $864 billion within the period. Mozambique and Senegal grappled with particularly severe debt pressure. The continent’s worsening debt crisis has left some countries spending more on debt repayments than vital services such as health care or education.

Though China is one of the continent’s major creditors and is often vilified for its lending practices, Africa has also borrowed heavily from multilateral financiers such as the World Bank and International Monetary Fund.