Public debt has doubled in Africa since 2010, reaching 65% of GDP in 2022 compared to 32.7% in 2010. The continent has also witnessed a diverse creditor portfolio, with Paris club members and non-members (notably China) making up 37% and 17% of the total external debt respectively by 2022. Since 2007, $140 billion worth of Eurobonds have been issued by African sovereigns (representing 30% of the region’s external debt) except for South Africa and Seychelles. According to the World Bank’s new International Debt Report, the poorest countries (the majority of which are in Africa) eligible to borrow from the International Development Association (IDA) spent $46.2 billion on long-term public and publicly guaranteed debt repayment in 2021. This amount is equivalent to 10.3% of the countries’ exports of goods and services and 1.8% of their Gross National Income (GNI), a significant increase from 2010 when the percentages stood at 3.2% and 0.7% respectively. The runaway debt burden in Africa has led to many countries defaulting or at the brink of defaulting on their external debt in a desperate move to restore macroeconomic sustainability. 23 low-income African countries are at high risk, or already in debt distress according to the IMF and World Bank. 4 African sovereigns namely Zambia, Mali, Ghana, and Mozambique have defaulted or stopped debt servicing and are turning to the IMF for support. […]