DR Congo has the lowest debt-to-GDP ratio in Africa (11.1%), significantly below the 63.2% average

  • DR Congo has the lowest debt-to-GDP ratio in Africa, at just 11.1%.
  • Africa’s average debt-to-GDP ratio stands at 63.2%, meaning most countries on the bottom 10 list are performing better than the continental average.
  • Nigeria, despite its size and challenges, still maintains a relatively moderate debt load of 41.3%.
  • Botswana’s debt ratio of 18.1% places it among Africa’s most fiscally conservative economies.
  • Ethiopia and Guinea, both undergoing major economic transitions, still keep debt levels below 32%.
  • The presence of both low-income and resource-rich countries on the list shows that low debt isn’t exclusive to one economic model.

Africa’s debt profile varies widely across countries. Leading in low debt-to-GDP ratio is the Democratic Republic of Congo, with a strikingly low debt-to-GDP ratio of just 11.1%—far below the continental average of 63.2%. This implies that DR Congo’s public debt is relatively minimal compared to the size of its economy, giving it greater fiscal flexibility compared to its heavily indebted peers.

Other countries, such as Botswana (18.1%), Ethiopia (31.2%), and Guinea (31.5%), also maintain relatively low debt levels. While this doesn't automatically mean these economies are stronger, it suggests they may be under less pressure from debt servicing costs. Notably, Nigeria, despite being one of Africa’s largest economies, still maintains a modest debt-to-GDP ratio of 41.3%, slightly below Tanzania at 41.9%. These figures show that having a large economy doesn't necessarily mean having higher debt burdens.

Source:

Afreximbank

Period:

2024
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