Modern S&P Global sign displayed on the exterior of a corporate office building.
African governments are set to borrow a record $155 billion in commercial long-term debt in 2026, up from $140 billion the previous year, according to S&P Global Ratings. Total sovereign commercial debt on the continent is projected to exceed $1.2 trillion—equivalent to 45% of GDP—as maturing obligations and ongoing fiscal needs converge. Nigeria, Angola, and Ghana are among the biggest expected borrowers, driven by pre-election spending, oil sector uncertainties, and Ghana’s post-austerity return to capital investment. Even so, borrowing levels remain relatively modest compared with global peers, partly because many countries still rely on concessional loans from multilateral partners. However, higher interest rates, limited investor pools, and smaller domestic markets continue to complicate access to capital.
Nairametrics