At a Glance
- Africa’s external debt reached $1.15 trillion in 2024, constituting nearly 60% of public debt.
- Debt servicing costs surged to $163 billion in 2024, up from $61 billion in 2010, underscoring the mounting debt challenges.
- Ten nations account for 69% of Africa’s total debt with South Africa, Egypt and Nigeria taking the lead on the list.
As of 2024, Africa’s total external debt was approximately $1.15 trillion, accounting for nearly 60 percent of the continent’s total public debt. This marks a significant increase over the past decade, with external debt rising from 18.8 percent of GDP in 2008 to more than 42 percent in 2024.
In 2022, public debt in Africa reached $1.8 trillion, reflecting a 183 percent increase since 2010—a growth rate roughly four times higher than the continent’s GDP growth in dollar terms during the same period. Debt servicing has also escalated as a result of poor debt structure frameworks, with Africa projected to pay $163 billion in 2024 to service its debts, up from $61 billion in 2010.
These figures underscore the mounting debt challenges faced by African nations, highlighting the need for sustainable debt management strategies to ensure economic stability and growth.
According to World Bank’s International Debt Report as analyzed in 2024 and a report by the African Export-Import Bank (Afreximbank) in March 2025, ten African nations constitute 69 percent of the continent’s total external debt stock. The leading countries in this metric are:
1. South Africa: $163.9 billion as of June 2024 representing 14 percent of Africa’s external debt.
2. Egypt: $155.2 billion as of Sept. 2024 representing 13 percent of Africa’s external debt.
3. Nigeria: $94.23 billion representing 8 percent of Africa’s external debt.
4. Morocco: $64.7 billion representing 6 percent of of Africa’s external debt.
5. Mozambique: $64.0 billion representing 6 of Africa’s external debt.
6. Angola: $60.1 billion representing 5 percent of Africa’s external debt.
7. Ghana: $44.8 billion representing 4 percent of Africa’s external debt.
8. Kenya: $41.6 billion representing 4 percent of Africa’s external debt.
9. Tunisia: $39.7 billion representing 3 percent of Africa’s external debt.
10. Senegal: $32.1 billion representing 3 percent of Africa’s external debt.
