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Originally published by The Standard Business
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August 29, 2026
3h ago

Kenya calls for united African front against costly debt

Kenya calls for united African front against costly debt

Kenya has called on African nations to unite and negotiate as one bloc, arguing the continent pays $75 billion (Sh9.7 trillion) a year in inflated interest as a "trust tax."..

✨ Key Highlights

Kenya is urging African nations to unite and negotiate debt as a bloc, citing an annual "trust tax" of $75 billion due to inflated interest rates.

  • Africa pays $90 billion annually in debt service, exceeding aid and climate finance combined.
  • Foreign Affairs Principal Secretary Korir Sing'oei highlighted the issue at the sixth African Conference on Debt and Development in Nairobi.
  • A key proposal is to cut Africa's borrowing premium by 200 basis points to free up approximately $20 billion annually for development.

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