The African Sovereign Debt

Financial Dominance over Development

Abstract

The Sub-Saharan African countries began borrowing from the international capital market in the 2000s. African sovereign bonds are accepted in the international market; however, the accumulation of liability triggers international scepticism against debt sustainability, the necessity of borrowing, the legitimacy of spending, and the responsibility of foreign lenders. A brief review of the African sovereign bonds issued in the international capital market in the post-debt cancellation period poses fundamental questions regarding the ability of the market to foster the development and stabilisation of African economies.