Despite a sustainable debt ratio, the World Bank (WB) and some financial institutions consider the debt of many African countries to be crippling. The President of the World Bank, David Malpass, recently accused the African Development Bank (AfDB) of contributing to Africa's over-indebtedness by granting credit to States with some flexibility. What Akinwumi Adesina deemed "inaccurate and unfounded", reviving the debate on Africa's over-indebtedness. Between 2009 and 2018, the level of external debt of African countries doubled, due to new debts contracted. This is the case for Ethiopia, Ghana and Zambia. Their external debt levels rose by 885%, 395% and 521% respectively. Nevertheless, the average debt of the continent is far from that of countries on other continents, and it hides disparities. Several African countries now have debt ratios close to or above 100%, while others have ratios well below. In West Africa, for example, the public debt ratio stands at 38%, thanks in particular to Nigeria, whose public debt ratio is one of the lowest on the continent. For South Africa, the second largest economy, public debt stood at $176.7 billion in 2018, giving it a debt ratio of 56.71%. In addition to the increase in the volume and ratios of indebtedness, the debt structure of African states has changed, with the rise of new creditors, placing traditional creditors such as OECD countries in the background. Thus, China is now the financial arm of Africa. In addition, the use of borrowing in international financial markets has risen sharply, in the wake of rising international liquidity. These capital markets have become a recourse to raising capital for many African countries, including Nigeria, Côte d'Ivoire, Rwanda, Angola and Senegal, which are indebted in this way in order to accelerate their growth. This trend has been reinforced in recent years. Indeed, since the beginning of 2020, several billion Eurobonds have been raised by African countries. This is the case of Gabon which has raised 1 billion euros on the international market, Ghana 3 billion dollars. This shows that despite some difficult situations in the public finances of many African countries, they continue to benefit from investor confidence despite the cost of debt.