Brookings Institute said the two Washington-based institutions were instead waiting for a moment when one of the five major Sub-Saharan Africa economies, including Kenya, would sink into debt distress before acting. Since 2017, said Brookings, the debt to gross domestic product ratio in most Sub-Saharan Africa’s countries breached the 50 per cent mark. “But we believe that until one of Africa’s big five economies — Nigeria, South Africa, Angola, Ethiopia, and Kenya — becomes debt distressed, the alarm bells won’t be truly rung,” said Brookings Institute. Kenya’s public debt has already hit alarming levels. The Central Bank Governor Dr Patrick Njoroge is the latest to urge the country to check on further uptake of debt.

Source: Standard Digital April 17, 2018 08:26 UTC