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Many West African countries were already over-extended when 2020 began. Nigeria, Ghana, Côte d’Ivoire, and Senegal were the West African heavyweights that had a debt-to-GDP ratio of more than 100% between 2015 and 2020. Covid-19 and the ensuing low tide revealed which countries had been swimming without a costume.
A strengthening US dollar has complicated matters – making repayments on dollar-denominated foreign debt more expensive in local currency – coupled with biting inflation aggravated by the war in Ukraine.