![\"Ghana,](\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2022\/12\/Debt.png\" "\\"Ghana,")
<\/figure>\n\n\n\nThe Economist Intelligence Unit (EIU) says Ghana and six African countries have enormous amounts of debt relative to Gross Domestic Product (GDP) and their governments will grapple with debt-servicing burdens that would eat up a substantial share of their revenue in 2023.<\/p>\n\n\n\n
Tunisia, Egypt, Congo-Brazzaville, Zambia, Zimbabwe and Mozambique are the other African countries.<\/p>\n\n\n\n
In its Africa Outlook 2023 Report, the EIU said the public-sector debt\/GDP ratio will remain above 60% for Africa in 2022 and 2023 and some African countries will far exceed this level.<\/p>\n\n\n\n
\u201cThe need to service and roll over large amounts of debt at a time when domestic and international borrowing costs are on the rise will weigh heavily on some countries in 2023 and things could get even more painful in 2024 when more capital repayments fall due\u201d, it mentioned.<\/p>\n\n\n\n
\u201cAfrican governments have ramped up their borrowing\u2014domestically and internationally \u2014 and public sector debt ratios (relative to GDP) have pushed back towards the highs, last seen in the early 2000s just before the enormous debt restructuring of 2005, implemented under the umbrella of the heavily indebted poor countries (HIPC) initiative\u201d, it explained.<\/p>\n\n\n\n<\/figure>\n\n\n\n