Professor Jeffrey D. Sachs, a leading economist and thinker, champion of development economics and expert in global macroeconomics, has said Africa needs more debt rather than less.
While some experts believe Africa's debt profile is high and unsustainable, Sachs does not agree with the assessment.
"Africa needs more debt not less debt," he told Afreximbank's 32nd Annual Meetings.
"The problem with African debt is not the scale, it is that it is short term and at high cost. Investments require a 20 to 30 year time horizon. Long term, reliable financing is the key."
He also said rating agencies too often apply a "crude" approach to rating African countries.