Ghana ranked 9th in Africa with highest outstanding loans to China – Nsemkeka
Ghana is ranked 9th in Africa with the highest outstanding loans to China, according to data compiled by Boston University’s Global Development Policy Center.
The country’s debt to China stands at US$6.1 billion.
Angola is ranked 1st in Africa with a staggering loan of US$46 billion to China.
It was followed by Ethiopia (US$14.5 billion), Egypt (US$9.7 billion), Kenya (US$9.6 billion) and Nigeria (US$9.6 billion) in 2nd, 3rd, 4th and 5th, respectively.
In 6th, 7th, 8th and 10th positions are Zambia (US$9.5 billion), Soth Africa (US$6.9 billion), Sudan (US$6.3 billion) and Cameroon (US$5.9 billion.).
The Boston University report revealed that China’s financial engagement with Africa has grown remarkably over the past two decades, primarily through infrastructure-focused loans.
These loans have helped build roads, railways, power plants in several African countries, but they have also raised questions about debt sustainability, repayment risks, and the long-term autonomy of African economies.
The loan agreements between China and African countries was over a 13-year period, from 2000 to 2023.