Governments have borrowed heavily over the past decade to fund infrastructure, cover budget deficits, respond to pandemic shocks, and manage security challenges. As global interest rates remain elevated and access to concessional financing tightens, servicing that debt is becoming increasingly expensive.

According to Q4 2025 data from the Institute of International Finance’s Global Debt Monitor, global debt remains near record highs.

Debt is a major economic pressure for many African governments, primarily driven by sovereign borrowing rather than household or corporate debt.

The data analysed by Visual Capitalist explains that several advanced economies now carry total debt loads exceeding 300% of GDP meaning their combined household, corporate, and government borrowing equals more than three years of economic output.

Global debt figures

Hong Kong leads globally at 380%, followed by Japan (372%), Singapore (347%), France (326%), and Canada (315%). In these countries, corporate and household borrowing make up a significant share of total exposure.

Below are the 10 most indebted African nations by total debt-to-GDP ratio, based on the latest available data.

What stands out

At the top of the list is Senegal (156% of GDP), where government debt dominates while household borrowing is minimal, showing fiscal borrowing drives total exposure. Similar patterns appear in Zambia (120%) and Mozambique (118%), with sovereign debt as the main risk.

By contrast, South Africa (149%) and Tunisia (143%) have more balanced debt, with significant household and corporate borrowing, reflecting more mature financial markets. Morocco (124%), Rwanda (113%), Egypt (102%), and Kenya (100%) sit in the mid-range, with moderate government debt and growing private sector leverage, though public borrowing remains the primary driver.

Unlike highly developed economies where corporate and household borrowing dominate total debt figures, Africa’s debt burden is overwhelmingly sovereign-driven. In most cases above, government debt accounts for more than half of total liabilities.

This structure makes many African economies particularly vulnerable to exchange rate volatility, rising global borrowing costs, and commodity price shocks.