ONE Data report finds Africa borrowing costs are up 91% since 2020, threatening growth

ONE Data has released a Rockefeller Foundation–supported report showing African countries’ borrowing costs surged 91% from 2020 to 2024, rising from 2.7% to 5.1%, with sharp increases from the World Bank and Chinese lenders. The research, funded by the Rockefeller Foundation, underpins the efforts Development Finance Observatory, a multiyear data platform launching in 2026 to guide policymakers. The analysis highlights “squeezed middle” countries like Kenya and Ghana, estimates multilateral loans save $22–$48 per $100 versus markets, and warns elevated debt costs are crowding out investment, limiting crisis response capacity, and increasing risk of exclusion.