IMF warns on African debt crisis looming as Ghana, Kenya, and South Sudan load up on loans — Quartz


Last month, ahead of his ill-fated African tour, then US secretary of State Rex Tillerson warned African governments about the amount of debt they were amassing from China. In reaction, there was collective eye-rolling around the world, especially in Africa, as China’s largest debtor seemed to be lecturing African countries, without irony, about the perils of taking on too much credit from the Chinese.

That said, African debt, regardless of where it comes from, was a key topic when we spoke with IMF Africa director Abebe Selassie at a Quartz/Invest Africa Q&A event for investors in New York last week. The IMF has warned African countries in recent months about the risks of mounting debt, which have been exacerbated by falling commodity prices in many countries or over-spending in…

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