Africa's domestic debt boom: Evidence from the African Debt Database

Mark S. Manger, David Mihalyi, Ugo Panizza, Niccolò Rescia, Christoph Trebesch and Ka LoK Wong

No 2303, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

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 bor-rowing 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.

Keywords: Sovereign Borrowing; Public Debt; Development Finance; Domestic Markets; Africa (search for similar items in EconPapers)
JEL-codes: F34 H63 O55 (search for similar items in EconPapers)
Date: 2025
New Economics Papers: this item is included in nep-afr, nep-ifn and nep-opm
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https://www.econstor.eu/bitstream/10419/331879/1/1941473814.pdf (application/pdf)

Related works:
Working Paper: Africa's Domestic Debt Boom: Evidence from the African Debt Database (2025)
Working Paper: Africa's Domestic Debt Boom: Evidence from the African Debt Database (2025)
Working Paper: Africa's Domestic Debt Boom: Evidence from the African Debt Database (2025)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:331879

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