China in her aspirations to become a global trade leader is employing an imperialist behavior, willing to step on the back of any hungry country enough to be lured with access to a market of a billion people and huge interest on the debt – which is often extended in kind rather than in cash.
The relationship between China and Africa can be summarized as a ‘debt-trap diplomacy’ and most African countries are finding the honey so sweet as to keep going for more and more. Being offered cheap infrastructure loans, with the sting of default coming if smaller economies can’t generate enough free cash to pay their interest down.
Through debt China has used its soft power to gain access to the African unfettered market, employing craft predatory trade agreements that have seen it import its products “Made in China” at the expense of local industries.
Below are African Countries owing China a great deal of debt.
Country | Amount in USD | |
1 | Angola | $42.8 billion |
2 | Ethiopia | $13.7 billion |
3 | Kenya | $9.8 billion |
4 | Republic of Congo | $7.42 billion |
5 | Sudan | $6.49 billion |
6 | Zambia | $6.37 billion |
7 | Cameroon | $5.56 billion |
8 | Nigeria | $4.83 billion |
9 | South Africa | $3.78 billion |
10 | Ghana | $3.49 billion |
11 | Democratic Republic of the Congo | $3.43 billion |
12 | Egypt | $3.42 billion |
13 | Uganda | $2.96 billion |
14 | Cote d’Ivoire | $2.69 billion |
15 | Tanzania | $2.34 billion |
16 | Mozambique | $2.28 billion |
17 | Zimbabwe | $2.21 billion |
18 | Segenal | $1.63 billion |
19 | Equatorial Guinea | $1.62 billion |
20 | Djibouti | $1.46 billion |
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Without reading this:Kenya.😭
Hello my dear Victor,
Thank you for your update on the debt status of our African countries with China. I however have my reservations with this data. You didn’t state your source. You didn’t give any dates. A country like Nigeria would have borrowed more than what you stated above, judging from applications for legislative approval from President Muhammadu Buhari’s regime.
Finally it may not just be only these countries that borrowed from China. Does that mean no North African country borrowed from China?
I will appreciate a better informed update.
God bless you
Crown Prince Nkwo