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The Hidden Cost of African Debt Financing
Growing risk of ‘financial repression’
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African sovereigns are placing increasing reliance on funding from their domestic capital markets. In many jurisdictions, commercial banks are being compelled — through regulation, reserve requirements and limited alternatives — to absorb government debt often at yields below inflation. The risk of banking systems being pushed to lend more heavily to their governments, often at negative real rates, is not yet reflected in most corporate risk frameworks.
Please fill in the form to access our latest research focusing on the structural shift in sovereign financing toward domestic debt issuance in Africa.
Key takeaways
Please fill in the form to access our latest research focusing on the structural shift in sovereign financing toward domestic debt issuance in Africa.
Key takeaways
- Following a substantial increase in public debt, which the IMF reported at 132% of GDP in 2024, Senegal has increasingly turned to the regional government securities market for refinancing and deficit funding.
- What are the consequences of financial repression for banks and corporate institutions? Understand your market risk through the S&P Global Market Intelligence proprietary Financial Repression Risk Index (FRRI) to help companies measure the degree of risk they are facing, and to identify where these dynamics are most severe.
- Discover how the surge in African domestic debt issuance since 2010 is reshaping sovereign risk and impacting bank balance sheets.
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