The confluence of higher global interest rates, elevated sovereign debt spreads, and exchange rate depreciations, among other factors, has created a funding squeeze for many countries in sub-Saharan Africa. This challenge comes on top of policy struggles from the ramifications of the COVID-19 pandemic and the cost-of-living crisis. Reflecting these considerations, economic activity in the region will remain subdued in 2023, with growth at 3.6 percent before rebounding to 4.2 percent in 2024 predicated on a global recovery, subsiding inflation, and the winding down of monetary policy tightening.

More on This

IMF's Plan for Loosening 'Big Squeeze' on Sub-Saharan Africa

• The Concerning Economic Squeeze On Sub-Saharan Africa
• African Consultative Group Meeting - Statement By African Caucus Chair and Managing Director of IMF
• IMF's Sub-Saharan Africa Regional Economic Outlook The Big Funding Squeeze
• Debt, Debt Everywhere...
• Economic Crisis Prompting Protest and Political Tension Across West Africa

Africa 'Living on the Edge' – IMF Assesses Economies Under Stress

• Africa is 'Living on the Edge' – The IMF Assesses Economies Under Stress
• Global Crises Plunge Millions Into Acute Food Insecurity
• Opening Remarks at Press Briefing on the Regional Economic Outlook
• Economic Turmoil Brings Uncertainity to Continent
• How African Trade Has Been Transformed By the Pandemic Shocks and the Ukrainian Crisis
• Exploring Africa's Ongoing Currency Crisis and Possible Solutions
• Africa Struggles With Neo-Colonialism
• Is a Global Recession Inevitable?

IMF Resilience Trust to Mitigate Future Climate, Pandemic Crises?

• IMF's New Resilience, Sustainability Trust to 'Turn the Needle' on Climate, Pandemic Crises?
• IMF Executive Board Approves Establishment of the Resilience and Sustainability Trust
• Economic Turmoil Brings Uncertainity to Continent
• How Continent Can Escape Chronic Food Insecurity Amid #AfricaClimateCrisis
• Egypt Adapts to Climate Change #AfricaClimateCrisis

Ghana Suspends Paying Some Foreign Debt Amid Economic Woes

• Govt Halts Payments on Most External Debt
• Ghana Suspends Payment On Eurobond, Other Foreign Debt As Economic Crisis Worsens
• Ghana to Default On Most International Debt
• Bear With Govt to Restore Economy - President
• '2023 Budget Is Missed Opportunity to Reset Economy'

IMF Chief Praises Zambia's Reforms, Pushes Creditors On Debt

• IMF Boss' Historic Trip to Zambia
• IMF MD Kristalina Georgieva in Zambia to Discuss Debt and Economic Support
• IMF Chief Praises Zambia's Reforms, Pushes Creditors On Debt
• Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Zambia
• Zambia Receives IMF Bailout for Debt Reduction Plan
• Zambia On the Brink of Historic Debt Relief Deal

Ghana Debt Recovery Plan Stalls

• Domestic Debt Restructuring Has Stalled - Four Reasons Why

Sub-Saharan African Nations Urged to Diversify Economies

• A Message to Africa's Leaders from the IMF - Diversify Your Economies
• How African Economies Can Cope With China Slowdown
• China, U.S. Blamed for Slow Debt Relief to Africa
• The World Bank and the IMF Need to Keep Reforming to Become Fit for Purpose
• How to Avoid a Debt Crisis in Sub-Saharan Africa
• AfDB Chief Offers Five Ways for a Fairer Global Financial Architecture With Beneficial Development for Africa
• Adoption of 'Marrakech Declaration' At the End of High-Level Ministerial Meeting On Accelerating Financing of Africa's Emergence
• Africa is 'Living on the Edge' – The IMF Assesses Economies Under Stress