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Africa’s debt crisis UPSC NOTE

 Debt crisis faced by several African countries

  • For the median sub-Saharan African country, the loan interest to revenue ratio has doubled in the past decade to 11 % — a rate almost four times higher than in advanced economies, according to a 2023 International Monetary Fund publication.

  • To reflect on the growing incidence of countries getting trapped in a cycle of debt and distress, economists and policy experts from different parts of the world converged at a recent international conference on the ‘African debt crisis’ in the coastal city of Accra, Ghana

  • It was organised by the International Development Economics Associates (IDEAs)

Causes of the debt crisis

  • Driven by international agencies and powerful actors, the narratives of ‘fastest growing economy’ and ‘emerging markets’ pushed many African governments into indiscriminate borrowing (ex: loans that invariably fuel consumption)

  • Low-income countries are increasingly borrowing from private creditors. 

  • Because rich countries won’t make affordable credit available

Ghana

  • Ghana is a country in West Africa

  • It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing a border with Ivory Coast(Côte d'Ivoire) in the west, Burkina Faso in the north, and Togo in the east. 

  • Ghana covers an area spanning diverse biomes that range from coastal savannas to tropical rainforests. 

  • The capital and largest city is Accra

 
  • The White Volta River and its tributary Black Volta, flow south through Ghana to Lake Volta, the world's third-largest reservoir by volume and largest by surface area

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Africa’s debt crisis UPSC NOTE
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