A new report says that if nothing is done to redress Africa’s huge debt burden, the consequences will be felt far outside the continent.
The One Campaign says African countries are paying 500% more for loans than they need to – costing them more than $50bn (£39bn) over the next few years.
The report says the problem will fuel increased mass migration, reduce action on climate change, and will fragment the global economy.
It calls for a huge and urgent expansion of loans to Africa from lenders such as the International Monetary Fund and World Bank.
Citing Nigeria as an example, the report says it spends more than twice as much on debt repayments as it does on healthcare and education combined.
The One Campaign works to end extreme poverty and preventable disease.
Source: BBC
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