A report by the World Bank (WB) reveals that the public debt of sub-Saharan African economies increased from 189 billion dollars to 462 billion dollars between 2012 and 2022. This increase, in the order of 273 billion dollars, corresponds to a rise of 144.4% over a decade.

As a percentage of Gross Domestic Product, in the same period of analysis, the average external debt rose from 17 to 28.

"Public debt seems to be stabilizing, but at high levels, while maintaining the risks of default and indebtedness that have marked African economies in recent years," we read.

These increases were accompanied by a shift towards non-traditional creditors, including Eurobonds, and bilateral debts with creditors outside the Paris Club, in particular China, note the WB economists.

The data is contained in the paper released on the eve of the annual spring meetings between the International Monetary Fund (IMF) and the WB.

"Sub-Saharan Africa's over-indebtedness risks have risen significantly as a result of more borrowing on less concessional terms," due to increased recourse to debt issues and a reduction in loans from countries and multilateral development institutions, which traditionally lend at lower interest rates and longer maturities than commercial bank loans.

The risk of over-indebtedness in low-income countries has increased, and half of the countries, including the Portuguese-speaking countries with the exception of Angola and Equatorial Guinea, are in this situation or have an imminent risk of reaching it.