South Africa’s external debt rose to $175.9bn in 2024.

Lower is better. A smaller stock owed abroad means fewer foreign-currency repayments to find and less exposure to lenders refusing to roll debt over. The latest figure, for 2024, is $175.9bn, up from $165.8bn a year earlier, a rise of $10.1bn or 6.1%. Since 2015 the range runs from a low of $127.8bn in 2015 to a high of $190.7bn in 2019. The 2024 level sits in the upper part of that range, below the 2019 peak.

Why it matters. Interest and principal on this debt are paid in foreign currency, so a larger stock raises the amount of dollars that South African borrowers must earn or raise abroad. A weaker rand makes those repayments more expensive in rand terms for any borrower without matching foreign income. For the state, a higher stock also adds to the interest bill that competes with spending on services at home.