Only 17% of corporate debt issued across Africa in 2025 was denominated in local currencies, according to the OECD’s Africa Capital Markets Report 2026, released on Friday, 6 November. Foreign-currency borrowing therefore accounted for the bulk of new financing raised through these markets.
That exposure can make repayments more expensive for businesses earning most of their revenue in domestic currencies when those currencies depreciate. The OECD points to the limited availability of long-term local-currency finance at a time when African companies face substantial investment needs.
In %
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83% is the arithmetic complement of the OECD's reported 17% local-currency share. Scope: African corporate debt issuance in 2025.
Source : OECD, Africa Capital Markets Report 2026, 2025 data
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| Category | % | % |
|---|---|---|
| Local currencies | 17 | 17 |
| Foreign currencies | 83 | 83 |
Syndicated loans dominate corporate borrowing
Outstanding corporate debt across Africa stood at $211 billion at the end of 2025, covering corporate bonds, syndicated loans and private credit. Loans arranged jointly by several lenders accounted for 81% of that amount. Corporate bonds made up just $35 billion, down 44% in inflation-adjusted terms from their 2015 peak.
The limited size of the bond market is also apparent in new issuance. The OECD recorded no more than 20 corporate bond issues across Africa in 2025, with 17 undertaken by financial companies. In a separate segment, private credit assets under management rose from $2.2 billion in 2020 to $5.5 billion in 2025, the report found.
Six countries account for most outstanding debt
Companies based in South Africa, Egypt, Morocco, Mauritius, Mozambique and Nigeria accounted for 80% of Africa’s outstanding corporate debt at end-2025. South Africa alone represented 30%. Elsewhere, access to corporate bonds and syndicated loans remains concentrated among larger companies, while smaller businesses rely more heavily on traditional bank lending.
The region’s share of global corporate debt remains far below its economic weight. Africa generated 2.7% of global GDP in 2025 but held just 0.3% of worldwide corporate debt outstanding in the segments examined. The OECD links deeper markets to stronger regulation, exchange-rate stability and the development of institutional savings, including pension funds.