GHANA HUB NEWS

BUSINESS, ENTERTAINMENT, POLITICS, SPORTS, RELIGION & MORE

Sunday, May 26, 2019

The Top Ten African Countries With the Largest Chinese Debt The Top Ten African Countries With the Largest Chinese Debt

    • China's activities in Africa have raised a lot of eyebrows, and the issue of being trapped into Chinese debt is real and ominous. Here, we look at the top ten African countries with the largest Chinese debt.
    • Whether the officials and government authorities accept it or not, Chinese dealings in Africa are being viewed in a highly skeptical way. The truth is, the menace of falling into Chinese debt-trap is very real, and it is happening. Africa is slowly being tied to the yoke of Chinese debt. There is no transparency and accountability when it comes to acquiring Chinese loans.
      As a result of this, African countries are finding it hard to extricate themselves from the grip of Chinese debt. It means that debt is continuing to pile on and on, unabated, and the repercussions will be dreadful. Some countries are having it worse than others, as will always be the case.
      Over the years, China has become one of the biggest African trade partners. The Chinese have invested billions of dollars into the African continent in form of debts given to these countries.
      Below is a list of the top ten African countries with the largest Chinese debt:

      1. Angola

      Angola is the most indebted African country to China. It has an estimated debt of over US$25 billion. Shocking, but that's the reality at hand. Most of Angolan oil is going towards the repayment of Chinese debts, despite Angola being the second largest producer of oil in Africa.

      2. Ethiopia

      All those Chinese infrastructural development projects in the East African country are coming at a heavy price. Ethiopia has an estimated debt of US$13.5 billion. The debt levels have slowed down some projects due to repayment issues, but there is now a new structure for these debts that makes it a little bit affordable for Ethiopia to repay.

      3. Kenya

      Even after the discovery of oil in the northern part of the country, nothing in essence is working towards cutting down the levels of debt to China. Kenya has an estimated debt of US$7.9 billion. The country has been taking money to facilitate the fruition of its infrastructural projects. But as lack of transparency and accountability come into play, a lot of money has been lost to corruption.

      4. The Republic of Congo

      Congo, which may be popularly known as Congo-Brazzaville, has an estimated debt of US$7.3 billion. Again, corruption has played a major role in ballooning the debt to such egregious levels.

      5. North Sudan

      The conflict-torn country has an estimated debt of over US$6.4 billion. Although China has written off the country's debt incurred in 2015, it still has a long way to go.
      6. Zambia 
      Zambia is increasingly getting mired in the tentacles of Chinese debt. The Chinese have sponsored a lot of projects in the country. The country has an estimated debt of US$6 billion. China is taking Zambian firms as part of repayment plans, and there were reports that ZESCO, the national power utility, was being taken over by China, even ZNBC, the country's national broadcaster.

      7. Cameroon

      Cameroon has an estimated debt of US$5.5 billion. However, it was recently revealed that China was in talks to cancel part of the country's debt. But with China, nothing is so certain.

      8. Nigeria

      The West African country has an estimated debt of US$4.8 billion. Nigeria has accepted the Chinese yuan as a reserve currency.

      9. Ghana

      Ghana stands at number 9 with an estimated debt of US$3.5 billion. The country's opposition has involved the IMF to help look into the country's debt

      10. The Democratic Republic of Congo (DRC)

      The DRC could easily be one of the richest countries in the world considering how it is abundantly endowed with precious natural resources and minerals. However, plundering of these resources has set the country back, including unending conflict. It has an estimated debt of US$3.4 billion. DRC was quick to exchange mineral resources for loans with China.
        •  Thu, 
Posted by GhanaHub News Mana at May 26, 2019
Email ThisBlogThis!Share to XShare to FacebookShare to Pinterest

No comments:

Post a Comment

Newer Post Older Post Home
Subscribe to: Post Comments (Atom)

Pages

  • Home

NEWS UPDATE

JOHN MAHAMA WEBSITE

JOHN MAHAMA WEBSITE
CLICK FOR MORE

Translation

ADVERTISEMENTS

  • Ghanaweb
  • Subscribe to Mantse TV
  • Lands For Sale in Accra - Call 0508448122

MORE NEWS

  • I WILL TALK BUT THIS WILL SHAKE GHANA, I CAN'T GO DOWN ALONE - KWESI NYANTEKYIE
    The embattled former president of the Ghana Football  Association Kwesi Nyantakyi has hit the news in an interview that he is not going ...
  • Patapaa Is Ugly, I am Handsome Like Majid Michel - Lil Win
    A legend actor and musician popularly known in Ghana's showbiz as Lilwin during an interview on Joy Prime says he is more handsome th...
  • US Court Ruling Exposes Kennedy Agyapong, Victims of His Allegations Must Test Ghana's Law and Seek Justice - Mantse Ayitey
    The recent ruling by a United States court, which found that Kennedy Agyapong’s allegations against investigative journalist Anas Aremeyaw A...
  • The Ghana Cedi Appreciation Not Due to Gold Reserves – Sammy Gyamfi Explains
    The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has downplayed claims that Ghana’s recent curre...
  • We couldn’t have made it without elephant-size government: Akufo-Addo
    President Nana Akufo-Addo says he could not have fulfilled his manifesto promises without his elephant-size government. Defending the ap...

Featured Post

Gaza Conflict: Why the Present Should Matter More Than the Past. Nobody Owes History - Mantse Ayitey

The ongoing conflict between Israel and Hamas in Gaza has sparked global outrage, protests, and countless debates. But at the heart of it al...


Daily Graphic News

Daily Graphic News
Click for more

GHANA POLICE SERVICE WEBSITE

GHANA POLICE SERVICE WEBSITE
Click here for more info

click to send WhatsApp

click to send WhatsApp



Awesome Inc. theme. Powered by Blogger.