{"id":64390,"date":"2025-11-20T20:06:13","date_gmt":"2025-11-20T20:06:13","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money"},"modified":"2025-11-20T20:59:49","modified_gmt":"2025-11-20T20:59:49","slug":"why-africa-pays-the-highest-costs-to-borrow-money","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money","title":{"rendered":"Why Africa pays the highest costs to borrow money"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>Citigroup\u2019s Daniel Lebetkin has helped steer almost all of the $18 billion in international bond sales from Africa this year. From Nigeria to Kenya, he\u2019s watched investors snap up debt at a blistering pace. One thing hasn\u2019t changed: African nations pay more to borrow.<\/p>\n

\u201cIt\u2019s certainly unfortunate,\u201d says Lebetkin. \u201cThere\u2019s just a structural difference in yields.\u201d<\/p>\n

It\u2019s a view shared widely among policymakers and investors, who point out that even as global interest rates fall and Africa\u2019s markets mature, the region\u2019s borrowing costs are still the highest in the world. Some argue it\u2019s justified, given the track record of default in places like Ghana and Zambia, and the region\u2019s turbulent politics and corruption scandals. Plus, African countries tend to be small and relatively new borrowers.<\/p>\n

To others, however, like South African Finance Minister Enoch Godongwana, that\u2019s not the full story. He sees a bias against the continent that spans from the rating agencies to the international organizations to the investors. And the proof is that \u201ccountries with the same fiscal metrics get a better rating than Africans.\u201d<\/p>\n

Africa Finance Corp., a development bank, has dubbed it a \u201cprejudice premium,\u201d estimating that the continent spends as much as $75 billion a year in additional borrowing costs. That extra charge is becoming more important as interest in emerging markets heats up again. This year is shaping up to be the busiest for African debt sales since at least 2021.<\/p>\n

Pinning down what the bond premium is, and whether other factors are at play, is difficult because so much depends on things that are hard to quantify. A July study by the International Monetary Fund found that sub-Saharan African nations pay about half a percentage point more in the bond market than similarly rated countries, and that it tends to increase during times of stress. But they also said the premium vanishes once issues like governance and budget transparency are taken into account.<\/p>\n

For a back of the envelope comparison, take two countries that sold 12-year bonds just last month: Kenya and Bahrain. Kenya is classified by the IMF as being at high risk of debt distress, while Bahrain has close ties to its oil-rich neighbors like Saudi Arabia. Kenya, rated one step below than Bahrain by S&P Global Ratings, paid 9.2% on its bonds. Bahrain sold at 6.625%.<\/p>\n

Ghana is a case where it makes sense that investors demand a higher yield, given its default in 2022, said Andrew Matheny, the Africa economist for Goldman Sachs Group. Even so, the 2029 bonds trade just above 6%, which suggests investors believe in President John Mahama\u2019s plan to restore confidence in the country\u2019s finances.<\/p>\n

\u201cThe fact that is happening, a mere three years after a sovereign default is in itself, in fact, somewhat surprising,\u201d he said. \u201cI don\u2019t think there\u2019s a lot of evidence that sub-Saharan Africa is being treated unfairly in the market.\u201d<\/p>\n

As a whole, borrowing costs in Africa have fallen sharply in recent years, helped by policy action like Nigeria\u2019s decision to unify its exchange rate and interest-rate cuts in the U.S. and Europe. Recent eurobond sales for Nigeria and Kenya were five times subscribed, a sign of strong investor demand that allowed them to lower their borrowing costs. Nigeria paid 8.625% for 10-year debt this month, compared with 10.375% in December.<\/p>\n

The average extra yield investors demand to hold dollar bonds of African nations instead of Treasuries now stands at about 3.7 percentage points, the lowest since 2018, based on data from JPMorgan indexes. It\u2019s still higher than Latin America at 3.2 percentage points, emerging Europe at 2.2 percentage points, and emerging Asia at just 0.8 percentage points.<\/p>\n

According to an analysis last year by Moody\u2019s Ratings, the higher yields can\u2019t be fully explained by the risk of nonpayment. Their data showed that among countries with similar ratings, African sovereign bonds tend to have the same default risk as other nations. Borrowing costs in Africa reflect \u201cother considerations,\u201d the researchers wrote, without elaborating on those reasons.<\/p>\n

\u201cWe don\u2019t have as much data in Africa,\u201d Isaah Mhlanga, chief economist at FirstRand Ltd., Africa\u2019s biggest lender by value, said in an interview in Johannesburg. \u201cMy speculation is that when investors don\u2019t have that data, they add a little premium.\u201d<\/p>\n

But the lack of data is also correlated to a lack of resources allocated to data collection in Africa relative to other regions, he said, including by the ratings companies. He questioned whether other countries, including the U.S. and U.K., were penalized as much or as immediately for deterioration in \u201cquality of institutions.\u201d<\/p>\n

African countries also tend to get downgraded faster at times of global turmoil, according to a white paper published in September by Gemcorp Capital, a major private lender. It cited \u201cwhat is seen by some as an inherent rating bias against the region or even a perception deficit\u201d that hits sub-Saharan Africa disproportionately when global economic conditions deteriorate.<\/p>\n

The paper cited data showing that 62.5% of rated African countries were downgraded by the big three ratings companies during the Covid-19 pandemic, compared with a global average of about 32%.<\/p>\n

Another hurdle is that African borrowers are a tiny part of the investment universe, accounting for less than 10% of all dollar-denominated bonds sold by emerging markets this year. If debt analysts are less familiar with a country, they may be less likely to make a buy recommendation, said Lauren van Biljon, a senior portfolio manager at Allspring Global Investments.<\/p>\n

\u201cIt\u2019s often down to the fact that these are issuers with only a few securities eligible for indices,\u201d she said.<\/p>\n

To Reza Baqir, who heads the sovereign advisory practice at Alvarez & Marsal, African countries need to join together to persuade the institutions and investors that lend dollars, and argue their case with data, instead of rhetoric. In his experience, African nations often pay a full percentage point more than similarly rated countries on five-year bonds, and face a tougher time unlocking cash from the private sector or official creditors.<\/p>\n

\u201cThese are soft biases that are difficult to measure and quantify,\u201d said Baqir, a former central-bank governor of Pakistan. \u201cBut there is a big role for African sovereigns themselves to play which can be effective.\u201d<\/p>\n

Over at Citigroup, Lebetkin says he\u2019s constantly telling clients they need to do more to speak with investors and provide regular data. His team at the bank has a physical presence in 16 countries in Africa.<\/p>\n

\u201cWe spend a lot of time on the ground on the continent,\u201d he said. \u201cIt\u2019s very important to go and see people where they are, in their offices, and not everyone does that. Also, given that we do all of these transactions, we think we have the best intel, which we think gives us credibility with issuers and investors alike.\u201d<\/p>\n

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

For More News And Analysis About Lesotho<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. Citigroup\u2019s Daniel Lebetkin has helped steer almost all of the $18 billion in international bond sales from Africa this year. From Nigeria to Kenya, he\u2019s watched investors snap up debt at a blistering pace. One thing hasn\u2019t changed: African nations pay more to borrow. \u201cIt\u2019s certainly unfortunate,\u201d says Lebetkin. \u201cThere\u2019s just a […]<\/p>\n","protected":false},"author":84,"featured_media":64389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[245],"class_list":["post-64390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-lesotho"],"yoast_head":"\nWhy Africa pays the highest costs to borrow money - Lesotho<\/title>\n<meta name=\"description\" content=\"Citigroup\u2019s Daniel Lebetkin has helped steer almost all of the $18 billion in international bond sales from Africa this ...\" \/>\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\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Africa pays the highest costs to borrow money\" \/>\n<meta property=\"og:description\" content=\"Citigroup\u2019s Daniel Lebetkin has helped steer almost all of the $18 billion in international bond sales from Africa this ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-20T20:06:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-20T20:59:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2025\/11\/sm_1763659515.678537.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Why Africa pays the highest costs to borrow money\",\"datePublished\":\"2025-11-20T20:06:13+00:00\",\"dateModified\":\"2025-11-20T20:59:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money\"},\"wordCount\":1164,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2025\/11\/sm_1763659515.678537.jpg\",\"keywords\":[\"Lesotho\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/why-africa-pays-the-highest-costs-to-borrow-money\",\"name\":\"Why Africa pays the highest costs to borrow money - 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