STUDY African Debt Series Vol. 2 AFRICA’S RISING DEBT AND THE EMERGENCE OF NEW CREDITORS A REVIEW OF TRENDS, CHALLENGES AND PROSPECTS(2000 – 2021) Mma Amara Ekeruche June 2022 There is heightened risk of defaults on the African continent as a result of the Covid-19 pandemic, which has led to heavier debt burdens that reduce the states’ abilities to fight poverty and rising inequality. After the debt relief of developing countries in the early 2000s, nontraditional creditors emerged as African countries began to enter the international capital markets and to increasingly engage with China. This study examines past debt relief initiatives and finds that those initiatives are unable to meet the challenges presented by current realities.