• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Here’s what these African leaders had to say about Africa’s debt

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
104
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Here’s what these African leaders had to say about Africa’s debt

In light of the ongoing United Nations General Assembly (UNGA), leaders all across the world have tabled crucial issues.

One such nagging issue is the subject of Africa’s debt. Africa like every other continent is rife with debt. There has been a need for constant bailouts from foreign lenders, and this has created a financial paradox.

During the UNGA meeting in New York, the newly elected President of Kenya, President William Ruto used the platform to create a dialogue on the subject. He addressed the UN, urging rich countries and global lenders to review debt owed by poorer African countries.

He noted that the debt these countries are paying is eating away at the little revenue they manage. He called for the heavy burden to be lifted so that these countries can be allowed the resources to develop.

The concern of the Kenyan President is not a detached sentiment. Many African governments also share the same view.

The President of Zambia, President Hakainde Hichilema in an interview with the BBC called the $1.3 billion dollars his administration borrowed from the International Monetary Fund (IMF) “circumstantial.” He noted that it was nothing to be proud of, but necessary because of the situation his administration inherited.

RelatedPosts

The African Development Bank Approves €100 Million Loan to Strengthen Côte d’Ivoire’s Cocoa Value Chain

2026 Budget Hearings Conclude with Focus on Accountability and Resource Allocation

Tullow Oil Reports 11.4% Decline in Reserves

Hakainde Hichilema explained that debt service should be released, to allow his country’s revenue to be poured back into the economy, prompting more development.

“If you have a debt service of $19 billion if you begin to lower this package and replace it with a fairly priced capital, all these revenues released from debt service are going back into revenue regeneration.”

During the UNGA address, William Ruto said; “Our home region of Eastern and Horn of Africa is, in particular, burdened by significant conflicts and changes with implications for the region’s development.”

President of the African Development Bank, Akinwumi Adesina, said that Africa needs help in tackling its debt burden.

“Financing is critical because the debt to GDP ratio of Africa has increased to 70 per cent — several countries are the risk of high debt distress due to unstable, unsustainable debt levels.”

He said, “Nigeria’s total debt level is N42.84tn or $103bn. External debt levels stand at N16.61tn or $40bn. Ladies and gentlemen, Nigeria needs help to tackle this debt burden.”

He made this statement at the Nigeria International Economic Partnership Forum in New York on Thursday.

Experts have become concerned with the rate at which Africa is forced to reimburse its lenders. Repayment to rich countries, and organizations like the IMF and World Bank could stifle the economic growth in the continent as countries that should naturally pour their revenue as capital back into their economy, are using said revenue to pay their seemingly endless debt.

Source: businessinsiderafrica
Tags: DebtHere’s what these African leaders had to say about Africa’s debtUnited Nations General Assembly (UNGA)
No Result
View All Result

Highlights

RTI Commission Slaps State and Private Institutions With GHS 5.6m in Fines Over Information Breaches

Communications Minister to Address Standoff with MultiChoice Ghana Over DStv Pricing

Bilateral Trade Between Ghana and China Hits Historic $11.8bn Mark

IMF Commences Fifth Review of Ghana’s Programme Today

From Missing Contracts to Phantom Cargoes: Why Ghana’s G4O Could Be the Scandal of a Generation

World Bank Warns Ghana of Mounting Jobs Crisis, Urges Productivity-Led Reforms

Trending

Business

The African Development Bank Approves €100 Million Loan to Strengthen Côte d’Ivoire’s Cocoa Value Chain

September 29, 2025

The African Development Bank Approves €100 Million Loan to Strengthen Côte d'Ivoire’s Cocoa Value Chain The Board...

2026 Budget Hearings Conclude with Focus on Accountability and Resource Allocation

September 29, 2025

Tullow Oil Reports 11.4% Decline in Reserves

September 29, 2025

RTI Commission Slaps State and Private Institutions With GHS 5.6m in Fines Over Information Breaches

September 29, 2025

Communications Minister to Address Standoff with MultiChoice Ghana Over DStv Pricing

September 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.