In Africa, the war against the covid-19 pandemic is having a significant impact on economies. According to Ken Ofori-Atta (pictured)- Ghana's finance minister- China, Africa's largest trading partner, can do much more to help African countries relieve their debt.
Figures revealed by the minister showed that Africa's debt to China amounts to about $145 billion, of which $8 billion is due to be paid this year. The situation already seems hardly tenable for the continent, while estimates predict that 20 million jobs in Africa will be put at risk by the pandemic.
To mobilize the funds needed to respond to the disease, African governments a few days ago called on their lenders to grant them an exemption from paying interest on their respective countries' debts and obligations (estimated for 2020 at $44 billion). Moratoriums and debt cancellation programs have also been called for by several heads of state.
In recent years, China, which has been particularly criticized for its methods of financing Africa, has granted debt cancellations to several countries on the continent such as Zambia, the Central African Republic and Côte d'Ivoire.
“My feeling is that China has to come on stronger,” Ken Ofori-Atta said on April 6 during a meeting with Masood Ahmed, president of the Center for Global Development.
As a reminder, African countries estimate that they need $100 billion to deal with the coronavirus crisis. According to some experts, the new pandemic could increase some countries’ debt.
Moutiou Adjibi Nourou
• Côte d’Ivoire signs $156.8M farm deal with Italy’s BF Group• 10,000-hectare project aims to c...
• Safaricom’s M-PESA Fintech 2.0 upgrade lifts capacity to 6,000 transactions per second, scalable t...
M-KOPA sold 1.3M smartphones in 2025, reaching 6.4M devices sold since 2020. 42% of buyers got th...
Masiyiwa’s Cassava to invest $720m in 5 AI factories, bringing 15k GPUs for Africa’s data sov...
The EU pledged €359.4m to build Côte d’Ivoire’s 400-kV Dorsale Est line, boosting capacity an...
• United Airlines will increase Marrakech–New York flights to four per week in Oct.• The route may reach daily service during year-end peak demand.•...
• Congo’s parliament is expected to approve a new gas code in October 2025.• The law aims to attract investment with new fiscal and regulatory measures.•...
Morocco’s tourism revenue reached $9.6 bln in the first eight months of 2025, up 14%. The country welcomed 13.5 mln visitors in the same...
Avanti Gold plans to raise C$15 million ($10.7 million) through a private placement to fund further exploration at its Misisi gold project in the...
The city of Kilwa, located on the southeastern coast of Tanzania, represents one of the most fascinating chapters in the history of the Indian Ocean....
• JICA cancels Africa exchange program after viral immigration rumors• Misreport claimed Japan would grant visas to Nigerians in Kisarazu• Elon Musk’s...