Many African nations now spend up to 30% of their revenue on interest payments, limiting funds for health and education as they face a mounting debt crisis.

Public debt surged from one-third of the gross domestic product (GDP) in 2010 to nearly 60% by 2020, fueled by borrowing for infrastructure projects during past periods of low interest rates.

However, shocks such as the pandemic, the war in Ukraine and rising interest costs have pushed countries like Ghana and Zambia into default, with more at risk.