Why haven't markets disciplined public finance management practices in African states?

On the political of economy of debt and public finance

According to the IMF, as of May 2022 “16 African countries were at high risk of debt distress, and 7 were already in debt distress.” The regional debt-to-GDP ratio is well above 66%, meaning that ever more scarce resources will be channeled to servicing debt rather than funding schools and hospitals, building infrastructure, or subsidizing much-needed i…