Africa’s Debt Crisis Has ‘Catastrophic Implications’ for the World

Published On Aug 28, 2024, 12:00 AM

Many African nations are struggling with massive foreign debt, which has surpassed $1.1 trillion. Countries like Kenya are facing severe economic challenges, leading to protests and public unrest over proposed tax increases aimed at addressing these debts. The situation is dire, as numerous nations are cutting public services while trying to stabilize their finances. The current debt crisis in Africa is considered unprecedented, with a significant number of countries both excessively in debt and at high risk of falling into further financial distress.