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Governance and Debt Accumulation in Africa

Author

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  • Augustin K. Fosu

    (Institute of Statistical, Social and Economic Research (ISSER), University of Ghana, Legon, Ghana; University of Johannesburg, Johannesburg, South Africa; Faculty of Economics and Management Sciences (EMS), University of Pretoria, Pretoria, South Africa; Centre for the Study of African Economies (CSAE), University of Oxford, Oxford, UK)

  • Dede W. Gafa

    (African School of Economics (ASE), Benin)

Abstract

This paper discusses the state of Africa's public debt within the global context. It then examines the importance of governance in explaining the debt accumulation in the region. Overall, sovereign debt levels have rapidly increased in the region over the past decade, especially following debt forgiveness under the Multilateral Debt Relief Initiative (MDRI) in the mid-2000s, with a shift of the structure towards less concessional and more non-conventional financing modalities. The study further finds that weaker governance and institutions have been associated with higher debt levels over the period. Hence, improvements in governance would be essential not only for enhancing growth but also for reducing debt levels.

Suggested Citation

  • Augustin K. Fosu & Dede W. Gafa, 2023. "Governance and Debt Accumulation in Africa," Working Papers 202338, University of Pretoria, Department of Economics.
    • Handle: RePEc:pre:wpaper:202338
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