4) Morocco – $29,420,000,000
Morocco is a relatively liberal economy that is governed by the law of supply and demand. It recorded a government debt to GDP of 60.70 percent in 2013. As of 31 December 2012, Morocco had an estimated external debt of $29.4 billion.
3) Sudan – $39,700,000,000
Sudan is a highly indebted nation. More than 85 percent of its debt is in arrears. Government debt to GDP averaged 83.54 percent from 2003 until 2011. As of 31 December 2012, Sudan had an external debt of $40 billion.
2) Egypt – $48,760,000,000
Egypt recorded a government debt to GDP of a whopping 87.10 percent in 2013. Government debt to GDP in the country averaged 86.46 percent from 2002 until 2013. As of the 31 December 2013, Egypt had an external debt of $49 billion.
1) South Africa – $137,500,000,000
South Africa is the country with the most debt in Africa. Even though South Africa is an upper middle income economy, poverty and inequality remain widespread. The nation recorded a government debt to GDP of 46.10 percent in 2013. Government debt to GDP averaged 36.76 percent from 2000 until 2013 as per the National Treasury. As of 31 December 2012, South Africa had an external debt of $137.5 billion. South Africa is one of the richest countries in Africa.
African debt markets have grown rapidly in the past few years. In 2014, sub-Saharan African nations raised about $7 billion. The IMF has cautioned the nations in the region about the dangers of growing international sovereign debt markets.