For more than a decade, African governments surfed a global wave of cheap money. From 2007 to 2024, annual sovereign bond issuance in Africa jumped from about US$70 billion to US$350 billion , while the stock of marketable bond debt ballooned from US$160 billion to US$730 billion . Add in domestic borrowing and loans from multilaterals, China and private lenders, and total public debt on the continent has risen more than fourfold to around US$2 trillion . In 2025, the bill is
