{"id":38472,"date":"2026-02-19T13:10:00","date_gmt":"2026-02-19T13:10:00","guid":{"rendered":"https:\/\/www.africa-press.net\/guinee-conakry\/politique\/eurobonds-africains-souverainete-ou-engrenage-budgetaire"},"modified":"2026-02-20T00:59:40","modified_gmt":"2026-02-20T00:59:40","slug":"eurobonds-africains-souverainete-ou-engrenage-budgetaire","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire","title":{"rendered":"Eurobonds Africains: Souverainet\u00e9 ou Engrenage Budg\u00e9taire"},"content":{"rendered":"

Aicha Fall<\/b><\/p>\n

Africa-Press – Guin\u00e9e. <\/strong><\/span>Depuis une quinzaine d\u2019anne\u0301es, plusieurs E\u0301tats africains ont recours aux eurobonds pour lever des montants significatifs sur les marche\u0301s internationaux. Le Ghana, la Co\u0302te d\u2019Ivoire, le Se\u0301ne\u0301gal, le Nigeria ou encore l\u2019Angola ont ainsi mobilise\u0301 des milliards de dollars aupre\u0300s d\u2019investisseurs internationaux, souvent en quelques jours. Ces e\u0301missions ont e\u0301te\u0301 pre\u0301sente\u0301es comme un signe de cre\u0301dibilite\u0301 financie\u0300re et d\u2019inte\u0301gration accrue aux marche\u0301s mondiaux de capitaux.<\/p>\n

L\u2019attrait de cet instrument tient d\u2019abord a\u0300 sa rapidite\u0301 et a\u0300 sa souplesse. Contrairement aux financements concessionnels, les eurobonds ne sont pas assortis de conditionnalite\u0301s politiques explicites. Ils offrent aux gouvernements une marge de man\u0153uvre appre\u0301ciable pour financer des infrastructures, refinancer des dettes existantes ou soutenir des programmes budge\u0301taires. Dans un contexte de besoins d\u2019investissement e\u0301leve\u0301s et de contraintes domestiques, cette capacite\u0301 d\u2019acce\u0300s direct aux marche\u0301s apparai\u0302t comme un marqueur d\u2019autonomie financie\u0300re.<\/p>\n

Mais cette liberte\u0301 a un prix. Les taux d\u2019inte\u0301re\u0302t exige\u0301s par les investisseurs refle\u0300tent la perception du risque souverain. Lors des pe\u0301riodes d\u2019instabilite\u0301 mondiale, comme pendant la pande\u0301mie de Covid 19 ou a\u0300 la suite du resserrement mone\u0301taire ame\u0301ricain amorce\u0301 en 2022, les rendements des eurobonds africains ont fortement augmente\u0301. Certains pays ont vu leurs spreads de\u0301passer les 1000 points de base, rendant toute nouvelle e\u0301mission pratiquement impossible. Le refinancement devient alors plus cou\u0302teux, voire inaccessible, exposant les finances publiques a\u0300 des ajustements brutaux.<\/p>\n

L\u2019expe\u0301rience re\u0301cente du Ghana illustre cette vulne\u0301rabilite\u0301. Apre\u0300s avoir multiplie\u0301 les e\u0301missions sur les marche\u0301s internationaux entre 2013 et 2021, le pays s\u2019est retrouve\u0301 confronte\u0301 a\u0300 une charge d\u2019inte\u0301re\u0302ts croissante et a\u0300 une perte d\u2019acce\u0300s au marche\u0301 en 2022, conduisant a\u0300 une restructuration de sa dette exte\u0301rieure. La Zambie, pionnie\u0300re des eurobonds en Afrique subsaharienne, a e\u0301galement connu un de\u0301faut de paiement en 2020. Ces e\u0301pisodes rappellent que l\u2019endettement en devises comporte un risque de change et une de\u0301pendance aux cycles financiers mondiaux qui peuvent rapidement fragiliser la soutenabilite\u0301 budge\u0301taire.<\/p>\n

Pour autant, qualifier les eurobonds de pie\u0300ge serait excessif. Utilise\u0301s avec discernement, dans des proportions compatibles avec la capacite\u0301 de remboursement et adosse\u0301s a\u0300 des projets ge\u0301ne\u0301rateurs de revenus, ils peuvent contribuer a\u0300 diversifier les sources de financement. Le proble\u0300me surgit lorsque ces instruments servent a\u0300 couvrir des de\u0301ficits re\u0301currents sans re\u0301forme structurelle ou lorsque leur maturite\u0301 et leur cou\u0302t ne sont pas aligne\u0301s sur la trajectoire budge\u0301taire.<\/p>\n

La question n\u2019est donc pas de bannir les eurobonds, mais d\u2019en mai\u0302triser l\u2019usage. La soutenabilite\u0301 de la dette de\u0301pend moins de l\u2019instrument choisi que de la discipline budge\u0301taire, de la qualite\u0301 des investissements finance\u0301s et de la gestion du risque de change. Les eurobonds peuvent incarner une forme de souverainete\u0301 financie\u0300re, a\u0300 condition de ne pas devenir un substitut permanent a\u0300 des ajustements e\u0301conomiques ne\u0301cessaires.<\/p>\n

Source: seneweb<\/b><\/p>\n

Pour plus d’informations et d’analyses sur la Guin\u00e9e<\/span>, suivez Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Aicha Fall Africa-Press – Guin\u00e9e. Depuis une quinzaine d\u2019anne\u0301es, plusieurs E\u0301tats africains ont recours aux eurobonds pour lever des montants significatifs sur les marche\u0301s internationaux. Le Ghana, la Co\u0302te d\u2019Ivoire, le Se\u0301ne\u0301gal, le Nigeria ou encore l\u2019Angola ont ainsi mobilise\u0301 des milliards de dollars aupre\u0300s d\u2019investisseurs internationaux, souvent en quelques jours. Ces e\u0301missions ont e\u0301te\u0301 […]<\/p>\n","protected":false},"author":82,"featured_media":38471,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,10],"tags":[58],"class_list":["post-38472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dossiers","category-toutes-les-actualites","tag-guinee"],"yoast_head":"\nEurobonds Africains: Souverainet\u00e9 ou Engrenage Budg\u00e9taire - guinee Conakry<\/title>\n<meta name=\"description\" content=\"Depuis une quinzaine d\u2019anne\u0301es, plusieurs E\u0301tats africains ont recours aux eurobonds pour lever des montants significati ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eurobonds Africains: Souverainet\u00e9 ou Engrenage Budg\u00e9taire\" \/>\n<meta property=\"og:description\" content=\"Depuis une quinzaine d\u2019anne\u0301es, plusieurs E\u0301tats africains ont recours aux eurobonds pour lever des montants significati ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire\" \/>\n<meta property=\"og:site_name\" content=\"guinee Conakry\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-19T13:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-20T00:59:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/conakry\/sites\/63\/2026\/02\/sm_1771577632.976372.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditorfr\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditorfr\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire\"},\"author\":{\"name\":\"cfeditorfr\",\"@id\":\"https:\/\/www.africa-press.net\/guinee-conakry\/#\/schema\/person\/2b1cf3cd81a31e3cd26889ca66d677f1\"},\"headline\":\"Eurobonds Africains: Souverainet\u00e9 ou Engrenage Budg\u00e9taire\",\"datePublished\":\"2026-02-19T13:10:00+00:00\",\"dateModified\":\"2026-02-20T00:59:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire\"},\"wordCount\":557,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/conakry\/sites\/63\/2026\/02\/sm_1771577632.976372.jpg\",\"keywords\":[\"Guin\u00e9e\"],\"articleSection\":[\"Dossiers\",\"Toutes les actualit\u00e9s\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire\",\"url\":\"https:\/\/www.africa-press.net\/guinee-conakry\/dossiers\/eurobonds-africains-souverainete-ou-engrenage-budgetaire\",\"name\":\"Eurobonds Africains: Souverainet\u00e9 ou Engrenage Budg\u00e9taire - 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