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Africa's Domestic Debt Boom: Evidence from the African Debt Database

Author

Listed:
  • Mark S Manger

    (University of Toronto)

  • David Mihalyi

    (BM = WB - La Banque Mondiale = The World Bank - WBG = GBM - World Bank Group = Groupe Banque Mondiale, Kiel Institute for the World Economy - Kiel Institute for the World Economy)

  • Ugo Panizza

    (Graduate Institute Geneva, CEPR - Center for Economic Policy Research)

  • Niccolò Rescia

    (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

  • Christoph Trebesch

    (Kiel Institute for the World Economy - Kiel Institute for the World Economy, CEPR - Center for Economic Policy Research)

  • Ka Lok Wong

    (United Nations Economic Commission for Africa)

Abstract

This paper introduces the African Debt Database (ADD) -a new, comprehensive dataset that traces both domestic and external debt instruments at a granular level. The main innovation is a detailed mapping of Africa's domestic debt markets, drawing on rich, new data extracted from government auction reports and bond prospectuses. The database covers over 50,000 individual government loans and securities issued by 54 African countries between 2000 and 2024, amounting to a total of USD 6.3 trillion in debt. For each instrument, it provides harmonized micro-level information on currency, maturity, interest rates, instrument type, and creditor. The data reveal the growing dominance of domestic debt in Africa -albeit with substantial cross-country variation. Four stylized facts stand out: (i) the rapid expansion of domestic debt markets, especially in middle-income countries; (ii) the wide dispersion in borrowing costs and real interest rates; (iii) large cross-country differences in maturity structures and associated rollover risks; and (iv) a rising debt-service burden, particularly due to international bonds. Generally, this project shows that debt transparency is both feasible and valuable, even in data-scarce environments.

Suggested Citation

  • Mark S Manger & David Mihalyi & Ugo Panizza & Niccolò Rescia & Christoph Trebesch & Ka Lok Wong, 2025. "Africa's Domestic Debt Boom: Evidence from the African Debt Database," Working Papers hal-05305125, HAL.
    • Handle: RePEc:hal:wpaper:hal-05305125
    Note: View the original document on HAL open archive server: https://hal.science/hal-05305125v1
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    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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