5 African countries with the highest debt-to-GDP ratio in 2024
African countries exhibit a wide range of debt-to-GDP ratios. While some countries have a relatively low level of debt relative to their GDP, others have high debt burdens.
Of the 10 countries with the highest debt-to-GDP ratios in the world, only Sudan makes the list.
While some African countries are suffering severe debt distress a good number can boast of sustainable debts, especially considering the continent’s economic prospects.
A report by Yahoo Finance listed the 30 countries in the world with the highest debt-to-GDP ratio, of which about 6 African countries made the list.
According to the report, “the global debt-to-GDP ratios were on a decades-long rising trend before the pandemic. Global public debt tripled since the mid-1970s, reaching 92% of GDP or $91 trillion by the end of 2022. Private debt also tripled to 146% of GDP, reaching $144 trillion between 1960 and 2022.”
The report also notes that debt vulnerabilities disproportionately impact emerging and low-income economies. 25% of emerging economies are in high danger of experiencing “default-like” spreads on their sovereign debt.
In low-income nations, around 15% are in debt difficulty, with another 45% at high risk of debt crisis.
With that said, below are the 5 African countries with the highest debt-to-GDP ratio in 2024, as of January 29th.
| Rank | Country | Debt-to-GDP | World rank |
|---|---|---|---|
| 1. | Sudan | 238.8. | 2nd |
| 2. | Cabo Verde | 109.7 | 12th |
| 3. | Mozambique | 92.4 | 21st |
| 4. | Republic of Congo | 91.0 | 24th |
| 5. | Egypt | 88.1 | 27th |
Methodology
Yahoo Finance used data from the IMF’s General Government Gross debt-to-GDP database to build or list the nations with the greatest debt-to-GDP ratios in 2024.
Additionally, they used GDP per capita based on purchasing power parity, (GDP PPP) statistics from the IMF database. In ascending order of debt-to-GDP ratios, the nations with the greatest debt-to-GDP in 2024 are listed.
