Let’s take a look at the top ten most indebted African countries in IMF loans.
Gambia
The west African nation relies heavily on groundnut production and export, farming and tourism to fuel its economy. However, 48. 6% of the population lives in poverty.
The IMF pegs the Gambia as having $1.21 billion dollars of debt.
Cape Verde
Cape Verde has no natural resources but uses salt, limestone and pozzolana; a volcanic rock as its main source of money generators.
The IMF sources $2.46 billion as the amount of debt plaguing the African nation.
Togo
The West African nation was once known as the slave coast due to its high number of slaves being imported then exported to foreign lands.
Its major sectors of economic growth are the agriculture, brewery and textile markets.
IMF reports that Togo is in debt of $4.2 billion.
Eritrea
Eritrea is making great strides in its relations with its southern neighbor, Ethiopia.
Unfortunately, its economic sector is severely lacking. Agriculture is the main source of income however factors such as war and weather conditions have lowered income generation.
The IMF reports that Eritrea is in debt for $8.67 billion.
Republic of Congo
The Republic of Congo also dubbed Congo-Brazzaville lies in central Africa.
The Republic of Congo is the fourth largest producer of oil in the Gulf of Guinea; besides that forestry and minerals are sources of capital.
The IMF states that the country is in debt for $11.52 billion.
Zimbabwe
The landlocked country located in southern Africa is gaining funds from minerals, gold, agriculture, tourism and mining.
The IMF cites that the country owes $14.55 billion.
Mozambique
Although the agriculture, aluminium and petroleum production, chemical production, tourism and food and beverage sectors are fruitful, the country is $15.75 billion dollars in debt.
Tunisia
The North African country’s economy keeps afloat due to its success in energy production, mining, agriculture, tourism, oil and petroleum products.
Despite the money-making materials, according to the International Monetary Fund (IMF), Tunisia owes $29.42 billion dollars.
São Tomé and Príncipe
São Tomé and Príncipe is an island nation located in the Gulf of Guinea. The islands were uninhabited until the 15th century.
The economy is sustained due to cocoa production and agriculture.
São Tomé and Príncipe is in debt of $33.88 billion.
Sudan
Sudan stimulates its economy from the revenue earned from oil production.
Despite oil being a huge money-maker, Sudan has a hefty bill and is in debt of $73.36 billion.
