According to an Afreximbank study, East Africa, including countries like Kenya and Tanzania, is the most indebted region, while Central Africa is the least indebted with a debt-to-GDP ratio of 35.4%. West Africa ranks second, with North Africa and South Africa in third and fourth positions, respectively. In 2022, defaults on loans in Africa reached a record high of $149.4 billion, the highest in 30 years, exacerbated by the pandemic, the war in Ukraine, and rising interest rates. Over half of African countries are now at high risk or already over-indebted.
