Africa faces fewer options for raising money as ratings falter

Ngong Road in Nairobi under construction. Countries are seeking to raise cash mainly for infrastructure projects. PHOTO FILE | NMG

The African region is increasingly finding it difficult to raise money, with governments ditching the Eurobond market in favour of syndicated loans as country ratings remain shaky.

At the start of this year, Kenya, Tanzania, Ethiopia, Ghana and Rwanda had indicated they would be issuing Eurobonds but so far, none of them has. They continue to battle negative ratings, economic growth slowdown and negative investor sentiment.