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Lst of top 10 African countries that owe China so much debt

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Sadly, Nigeria is on that list and the nation is still seeking ways to acquire more funds even though it has been receiving grants from other nations who in essence may just be after one thing; OIL and other natural resources.

Below is the list of top 10 African countries indebted to China and how much they owe.

Democratic Republic of Congo (DRC)-$3.4billion

They were the first African country to exchange mineral resources with China

Ghana-$3.5billion

Opposition has involved the IMF ( International Monetary Fund) to help look into Ghana’s debt

Nigeria-$4.8billion

Nigeria interestingly has also accepted the Chinese Yuan as her reserve currency

Cameroon- $5.5billion

It was recently discovered that China agreed to cancel part of Cameroon’s debt. Reasons yet to be disclosed.

Zambia- $6billion

China recently took over Zambia’s power supply company over unpaid debt

North Sudan- $6.4 billion

Republic of Congo- $7.3billion

Corruption is said to have played a role in the debt

Kenya-$7.9billion

The country has been taking loans to finance its infrastructure. A bigger part which has been lost to corruption

Ethiopia- $13.5billion

This debt has slowed down the country’s railway project. So far the country has had its payment restructured to an affordable annual level.

Angola- $25billion

The country has lost a lot of its oil in repayment to Chinese debt this is despite Angola being the biggest oil producing country in Africa.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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