Zambia still has nearly $7 billion of debt on its books pending resolution.

That is despite a deal with bilateral lenders last year which treated over $6 billion.

The $7 billion is owed to bondholders and commercial banks.

The southern African country’s quest for debt relief has been long and exhausting. A deal with bondholders to restructure about $3 billion of debt last October was rejected by the official creditors.

Co-led by France, China, and South Africa, they argued that the terms Lusaka agreed with bondholders did not match the concessions the southern African country won from the official lenders.

Zambia’s trials and tribulations are closely watched by Ethiopia and Ghana who are next in line for debt restructuring.

Andrew Chibuye is the Country Senior Partner at PWC in Zambia. He is our guest on the show to provide insight into the copper producers’s long quest for debt relief.

China-Africa trade tops $282 billion in 2023

Commerce between China and Africa trade grew 1.5% in 2023 to reach $282 billion, making Beijing the continent’s largest trading partner for 15 consecutive years.

Chinese exports to African nations rose 7.5% to reach $ 173 billion in the past year, while Chinese imports from Africa totaled $ 109 billion, reflecting a 6.7% decline year on year, China’s customs department reported.

Beijing also saw its trade surplus with expand to $64 billion in 2023.

Cameroon hosts ‘Made in Africa’ expo

The export of raw materials and commodities has been identified as one of the major causes of structural weaknesses in African economies.