Highest outstanding loans to China: Ghana ranked 9th in Africa

Ghana has been ranked 9th in Africa among countries with the highest outstanding loans to China, according to new data released by Boston University’s Global Development Policy Center.

The data shows that Ghana owes China a total of US$6.1 billion in loans.

At the top of the list is Angola, which owes a staggering US$46 billion, making it the African country with the highest debt to China. Angola is followed by:

Ethiopia – US$14.5 billion

Egypt – US$9.7 billion

Kenya – US$9.6 billion

Nigeria – US$9.6 billion

Ranking just above Ghana are:

Zambia – US$9.5 billion

South Africa – US$6.9 billion

Sudan – US$6.3 billion

Right after Ghana in 10th place is Cameroon, with an outstanding loan of US$5.9 billion.

The Boston University report points out that China’s financial involvement in Africa has expanded significantly over the past 20 years, largely driven by infrastructure development loans. These loans have supported the construction of roads, railways, dams, and power plants in many African countries.

While these projects have brought visible development, the report also highlights concerns about:

Debt sustainability

The risk of default

The potential impact on the economic independence of African countries

The loan records analyzed cover a 13-year period from 2000 to 2023, showing just how deep China’s engagement with the continent has become during this time.