Although sub-Saharan Africa is recovering from the pandemic, with the outlook for the region being more positive this year, financial difficulties remain visible, points out the financial rating agency Fitch Ratings.

In a report released today, the evolution of the economies of the countries in the region remains negative.

"After an unprecedented number of 'rating' downgrades in 2020 due to rising public debt and liquidity challenges resulting from the Covid-19 pandemic, the momentum for sub-Saharan African countries has turned more positive in 2021, with three upgrades (Benin, Ivory Coast and Gabon) and one downgrade (Ethiopia) since the beginning of the year," says Fitch Ratings.

The report also points out, that average public debt in the region rose from 58% in 2019 to 66% of GDP last year, and is expected to reach 73% next year, with the increase mainly driven by the denominator effect in oil-exporting countries, which rising oil prices have helped to reverse.