Davos 2024
Debt Crisis Is Top Risk for Africa, Standard Bank Chair Says
- Nyembezi says more transparency needed on countries’ debt
- African nations need to address corruption issues ‘head-on’
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A sovereign-debt crisis is the biggest issue facing Africa right now, and nations need to address corruption and implement “fundamental structural reforms” to address their problems, the chairwoman of the continent’s biggest bank by assets said.
“People went and got low-interest loans by the bucketload,” Chairwoman Nonkululeko Nyembezi said Wednesday on a panel at the World Economic Forum in Davos, Switzerland. “We now have to contend, country by country, with how to support countries.”