High-cost loans, Trump turmoil hurting Africa

Critically needed economic growth in Africa is being held back by high borrowing costs imposed by international lenders, with unpredictable US policy changes adding to the strain, the head of the G20 panel on the continent said.

- Agence France-Presse

JOHANNESBURG: Seasoned politician and anti-apartheid activist Trevor Manuel chairs the panel of experts working on proposals to address issues affecting Africa, including high debt, to be presented at a summit of the Group of 20 leading economies in November. African nations are not necessarily more indebted than major economies but they face higher debt servicing costs, Manuel told AFP in an interview.

The "unbelievably expensive and prohibitive" cost of capital for African nations has hobbled their development, said Manuel, who served as finance minister in post-apartheid South Africa for more than a decade.