African finance ministers shouldn’t be making bond deals: how to hand over the job to experts

By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries.

Recent developments, however, show that most of the bonds have not been structured…

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