The debate on the looming international debt crisis continues. IMF says global public debt = $246.5 trillion in 2019, nearly 320% of global GDP.
In Sub-Saharan Africa, there is an even bigger problem, with 40% of countries being in debt-distress. The East African region is particularly at high risk of debt distress with a combined debt stock of more than $105 billion.
Many agree that Public Debt in Kenya has become a problem. CBK says Kenya debt stock rose from Ksh1.2 trn in 2009 to Ksh6.0 trn in 2019. Debt-GDP ratio rote 59.9% by the end of 2019. Currently, debt repayment now gobbles more than 30% of the annual national budget.
Acepis Executive Director Kenneth Okwaroh reflects on Kenya Public Debt Situation