How rising interest rates are exacerbating debt across Africa.

Live from the BBC World Service, this is the Marketplace Morning Report, I'm Will

Bain in Fawlianna today, thanks for being with us.

Yeah, you wouldn't think perhaps the decisions to own Powell and his team at the US Federal

Reserve in Washington are making would impact, say, someone's life so directly in Southern

Nigeria.

But that is exactly what's happening, according to the NGO, the one campaign, a reporter

in Ketchie, Ogbonna has more on that morning in Ketchie.

Morning, morning, morning to be here.

What if the one campaign been saying then?

So the campaigns have said over 22 African countries are in a huge debt crisis owing to

high interest rates and it also says African countries have debt reaching about $645 billion

as at 2021 and some of these African countries will spend almost all their revenues replying

these debts, which would affect several sectors of the economy.

Right, so these sort of rising rates around the world have actually increased the cost

of this borrowing.

Exactly, and this is due to the type of interest rates that they have amounted over time.

Some of these lenders, especially the bilateral lenders, several rates up to 7% and even

from countries like China, the one campaign is suggesting economies like the G20, the

richer countries should increase the volume of affordable investments in multilateral

lenders like the World Bank, the IMF, the African Development Bank.

I guess the problem is being that they've got issues at home to deal with, haven't they?

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