Sing'oei calls for lower borrowing costs for African countries

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Foreign Affairs PS Korir Sing'oei. [Courtesy]

Foreign Affairs Principal Secretary Korir Sing’oei has called for lower borrowing costs for African countries, saying high risk premiums are costing the continent billions of dollars annually.

Speaking on Friday, August 28, Sing’oei said Africa pays about $75 billion every year in additional interest due to inflated risk premiums, despite African countries defaulting less than perceived.

“This Africa risk premium forces an unpleasant choice between servicing expensive debt and investing in health, education and climate resilience of our people,” he said.