Sub-Saharan Africa resumes bond offerings as China retreats

African Development Bank chief blames unfair debt ratings for higher fundraising costs

20250302N South African President Cyril Ramaphosa

South African President Cyril Ramaphosa says the continent's heavy debt burden hampers its economic growth. © Reuters

HIDEMITSU KIBE

March 3, 2025 02:00 JST

CAPE TOWN, South Africa -- Sub-Saharan African countries previously shut out of the bond market are resuming debt offerings denominated in foreign currencies, raising more than $10 billion in 2024.

At the same time, China's lending to Africa has fallen from its peak of nearly $30 billion in 2016 to $4.6 billion in 2023, according to the Global Development Policy Center at Boston University.