Debt crunch looms at South Africa's G20 meet

South Africa is hosting the first G20 summit on African soil this weekend, placing the crippling debt crisis in developing countries, particularly Africa, at the forefront of discussions. Developing nations carry $31 trillion in global debt, with sub-Saharan Africa's public debt at 58.5% of GDP—far below advanced economies—yet governments spent more per capita on interest payments ($70) than education ($63) or health ($44) from 2021-2023, exacerbated by low tax revenues, trade deficits, biased credit ratings, and rising private creditors. Experts urge a fairer global financial system, stronger domestic taxes, an African rating agency, and G20 reforms to streamline debt restructuring and boost multilateral lending for sustainable growth.