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Blog Post
March 27, 2024
After an almost two-year lull, sub-Saharan African issuers are clawing their way back into international markets. In close succession, Côte d’Ivoire, Benin, and Kenya issued $4.85 billion worth of Eurobonds in the first quarter of 2024. The bond offerings were as much as six times oversubscribed, in...
Blog Post
December 12, 2022
Debt and climate change are defining challenges for many countries in Africa. Governments across the continent are seeing their debt burdens mount—some to unsustainable levels—as they race to mobilize resources to adapt and respond to the increasingly severe climate crisis.
Blog Post
October 28, 2022
Before the COVID-19 pandemic, the International Monetary Fund estimated that low-income countries would, on average, need to collect an amount equal to at least 5 percent of their GDP in additional revenue by 2030 to achieve the Sustainable Development Goals (SDGs) in five key areas. For many sub-Sa...
Blog Post
February 17, 2022
While Fitch had lowered Ghana’s rating in January, S&P opted to maintain its B-rating with a stable outlook pointing to Ghana’s solid growth prospects over the coming years. These divergent actions—and strong market reactions—are a reminder of the tremendous weight that investors put into assess...
Blog Post
July 27, 2020
In this blog post, we argue that the COVID-19 crisis has made it imperative for developing countries to begin reforming their tax systems to generate more resources domestically—reforms which they have postponed until now because of vested interests. Reforming tax expenditures would not only ge...