This escalating financial pressure is anticipated to reduce the continent's ability to mobilize available resources for essential investments in the pursuit of the sustainable development goals.The report by the UN highlights the fact that, Africa's external debt has grown significantly over the past years due to factors like increased borrowing, higher borrowing cost ,slow economic growth and reduced export revenues reaching a record of $ 656 billion in 2022. The COVID -19 Pandemic and other global crisis have further constrained Africa's access to international capital markets, leading to increased strain on resources and forcing many governments to curtail spending on vital sectors , thereby elevating the risk of debt distress for low-income African countries. Nations that tap into international markets frequently, borrows from private creditors, leading to a substantial surge in interest payments due to their exposure to market conditions. Several African countries have attempted to break their dependence on external debt, some have turned to borrowing directly from Central Banks , but this strategy has also resulted to higher interest rates and shorter repayment periods. According to the UN report, developing local capital markets, enhance mobilization of domestic resources, reforming the international financial architecture ,are vital steps to alleviate the pressure of debt crisis in the continent.

Christelle koambi