OECD says Africa's corporate debt markets remain too small for financing needs
Africa's outstanding market-based corporate debt totalled $211 billion at the end of 2025, far below the continent's economic weight and financing needs, the OECD said in its Africa Capital Markets Report 2026. The corporate bond market was estimated at $35 billion, 44% below its 2015 peak in inflation-adjusted terms, largely because of reduced activity in South Africa. Only 17% of corporate debt issued in 2025 was in local currency, limiting access to long-term financing without exchange-rate exposure.