Debt crisis looms as Covid-19 hits Africa

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In his speech, Ramaphosa assured Mene of the AU’s commitment to the successful implementation of the AfCFTA as a practical contribution to the economic development of Africa. The headquarters of the AfCFTA secretariat are in Accra, Ghana. Picture: GCIS
In his speech, Ramaphosa assured Mene of the AU’s commitment to the successful implementation of the AfCFTA as a practical contribution to the economic development of Africa. The headquarters of the AfCFTA secretariat are in Accra, Ghana. Picture: GCIS

BUSINESS

Government revenues in Africa are estimated to drop by $45 billion (R769.93 billion) this year from the pre-Covid-19 forecast.

The depreciation will further compound African countries’ high levels of debt, which have increased to roughly $40 billion annually, driven higher by the depreciation of many of their currencies this year.

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