S&P Global Ratings forecasts that African sovereigns will issue approximately $155 billion in long-term commercial debt in 2026, according to a report published in March. This represents a projected increase of about 10% compared to the estimated $141 billion issued in 2025.
The credit rating agency stated that the borrowing is primarily aimed at refinancing existing debt and funding budget deficits. The report highlights that many countries on the continent continue to face significant fiscal pressures.
S&P noted that while market access has improved for some higher-rated African nations, borrowing costs remain elevated. The agency warned that high debt burdens and substantial refinancing needs continue to pose credit risks for several sovereigns across the region.
