Lower borrowing costs push Africa’s debt haul to $18bn despite credit gaps

…countries increasingly turn to multilateral lenders as debt risks persist

African governments raised about $18 billion and €2 billion from international markets in 2025, up from $12.8 billion in the previous year, as easing global financial conditions reopened the Eurobond window for several frontier issuers, according to a new report by S&P Global.

The report, Africa Credit Rating Trends 2025 In Review: Divergence And Resilience, said access to capital re