Ray Ndlovu

The average cost of borrowing for African countries rose 91% between 2020 and 2024, the report said, squeezing investment in social developments.

Gabon’s dollar bonds sold off the most in more than a year after the International Monetary Fund’s latest report indicated the country is facing worse budget pressures than expected.

Fitch Ratings sees the possibility of a restructuring of Mozambique’s debt likely ahead of any new deal being secured with the International Monetary Fund.

Kenya’s shilling is among the most vulnerable currencies in Africa, according to strategists at major banks, who predict the central bank will dial back on selling dollars and allow the currency to weaken over the coming months.

Emerging stocks fell on Tuesday, retreating from record highs, as a broad selloff in tech shares and higher oil prices dragged on sentiment.

Emerging equities were in the red on the last trading day of April after oil prices surged above $125 per barrel, though they stayed on track for their best month since 2009.

Citigroup Inc. says central Africa’s monetary bloc should consider devaluing its currency, which is pegged to the euro, in order to boost economic growth and stem a slide in reserves.

Nigerian assets are rallying across stocks, bonds and the currency as investor confidence builds in President Bola Tinubu’s economic agenda.

Central African countries have no plans to devalue their common currency despite economic pressure caused by weak growth and low foreign-exchange reserves, according to Bank of Central African States Governor Yvon Sana Bangui.

Senegal has two interest payments on foreign-currency bonds due next month and while analysts expect them to proceed, they come at a tense political time in the West African nation ahead of talks with the International Monetary Fund.