The former president of the African Development Bank, Dr. Donald Kaberuka, joined a chorus of African leaders this week to reject accusations that African governments have taken on too much debt and have borrowed excessively from China.

In a speech at the Kusi Ideas Festival that concludes today in Kigali, Dr. Kaberuka said concern about African debt levels is “nonsensical.” He added that the African share of global debt is “very small,” both in terms of corporate and sovereign debt.

The real worry, Dr. Kaberuka said, is the decline in domestic revenue generation in many African countries, which he warned could threaten their ability to repay loans.

Highlights From Dr. Donald Kaberuka’s Speech at the Kusi Ideas Festival in Rwanda:

“The idea that Africa is going to drown in debt is nonsensical. It is not supported by numbers. What is the problem, which I admit, is that our effort in mobilizing domestic revenue has declined.”

“If we can improve on our own domestic revenue mobilization, if we can improve on our public debt management and if we can improve on our debt management capabilities, the continent is able to take a bit more debt, especially at this time when the markets are looking for yield.”

MORE COVERAGE ON DR. KABERUKA’S SPEECH AT THE KUSI IDEAS FESTIVAL: