Why So Many African Countries are Facing a Huge Debt Crisis Right Now?

Why So Many African Countries are Facing a Huge Debt Crisis Right Now?

According to the International Monetary Fund, 22 countries in Africa are either in debt distress or at high risk of debt distress --that is, they are unable to fulfill their financial obligations to creditors. This is nearly double the number of countries in Africa in some form debt crisis just a few years ago.

Why so many African countries are facing a fiscal crisis today and the implications of debt distress for economic and social development is explained at length by my guest today Mark Plant, senior policy fellow at the Center for Global Development.

We kick off discussing why Ghana and Zambia are illustrative of broader fiscal trends in Africa and then have a discussion about the policy conundrums facing countries as they navigate fiscal crises and seek to satisfy creditors without sacrificing substantial gains in economic and social development.

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