A growing number of African countries have found themselves caught in the challenging web of debt distress, a predicament exacerbated by the Covid-19 pandemic, and global economic downturn. These problems have presented governments on the continent with stark choices needed in funding their economy. As a result, nearly half of Africa’s countries face difficulties making their debt repayments according to figures compiled by the World Bank and International Monetary Fund. As the countries grapple with the burden of rising debt, their creditworthiness plummets, making it increasingly challenging to secure loans from organisations like the International Monetary Fund (IMF), and World Bank that have been key players in global finance, offering monetary assistance to governments suffering economic difficulties. Although debt burdens are widespread across the continent, only a small number of countries have halted the servicing of their external obligations. In 2020, Zambia opted to bow out of a US$42,5 million eurobond repayment, becoming the first African nation to default on its debt in the Covid-19 era. The copper-rich country had been facing mounting debt challenges for several years, exacerbated by a combination of factors, including a decline in commodity prices, economic mismanagement, and the impacts of the global health crisis. Zambia’s default triggered concerns about the country’s fiscal sustainability, raised questions about its ability to meet future debt obligations, and prompted discussions about the need for debt restructuring. The country recently reached an agreement in principle with a bondholder group in late October, securing a restructuring deal with official creditors. China also recently urged Zambia’s additional creditors to bear a “fair burden” in the nation’s debt restructuring efforts. Last December, Ghana suspended payments on most of its US$28,4 billion external debt, leading to an effective default as the country grapples with addressing a substantial balance of payments deficit. — Business Insider Africa Nelson Gahadza Business Reporter Brickmaker, Willdale Limited, says it is exploring various options to enhance plant capacity in the short term, leveraging on its existing assets to source appropriate funding. The company recently said it is still negotiating for the disposal of certain idle assets to raise funds for capital expenditures. In a statement of […] Godknows Hofisi Introduction Civil legal proceedings are usually by way of action or applications. In the case of action proceedings most people know them to be initiated through summons and evidence is introduced verbally through a trial. Witnesses come to court to testify. In the case of applications an aggrieved person approaches the High Court […] Michael Tome Business Reporter INTERNET Access Provider (IAP), Dandemutande Investments (Pvt) Limited says it invested US$8 million in establishing a national fibre backbone in 2023 as the entity continues to widen its footprint in the provision of reliable connectivity and information technology services in Zimbabwe. The successful installation of the 861km of fibre optic infrastructure […]