African governments say credit-rating agencies are biased against them
They claim that pessimism about debt sustainability is unwarranted
Since the spring of 2022, no country in sub-Saharan Africa has issued a bond on international markets. The yields on African debt have climbed so high that most governments can no longer afford to borrow. The usual explanation is that investors are fleeing risky assets at a time of global uncertainty. But is African debt as perilous as foreign lenders assume?
This article appeared in the Middle East & Africa section of the print edition under the headline “Are they unfair?”
From the May 27th 2023 edition
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