Standard Bank Chairwoman Nonkululeko Nyembezi was one of the first delegates from Africa to tackle this sensitive subject. According to the International Monetary Fund, more than half of the low-income countries in the region are now at a high risk of losing control of their debt, or are already in debt distress. Ethiopia became the latest African country to default on its debt after it failed to make an interest payment in December, joining a league of non-paying nations that includes Zambia, Ghana and Sri Lanka. Nyembezi said building resilience in sub-Saharan African economies would not be possible without “knocking head-on” the issue of corruption. Nyembezi called for greater transparency on the balance sheets of highly indebted countries if they want to attract investment.
A Sovereign-debt Crisis is the Biggest Issue Facing Africa Right Now
