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2022 ends with a debt bang

2022 will be a year to forget for many African economies – it was marked by growing balance sheet strains and culminated in Ghana's government opting to default on much of its external debt earlier this week. The good news is that concerns about debt distress elsewhere in the region have eased recently. But sovereign debt risks will remain high in 2023. The vulnerabilities appear to be largest in Mozambique and Kenya.

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