A decade after debt forgiveness, Africa still hooked on dollars

Concerto said stripping out South Africa, 16 African countries have borrowed roughly $30 billion in bonds since 2007. PHOTO | FOTOSEARCH

When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies.

Over a decade later, most sub-Saharan African countries still rely on US dollar-denominated debt to finance their economies.

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