Africa’s bond market shows a striking concentration of activity, with South Africa towering above the rest at $328.8 billion in volume and nearly 3,000 bond issuances. This reflects the country’s mature capital markets and its ability to attract both domestic and international investors. Egypt ($188.8 billion) and Morocco ($116.4 billion) form the next tier, cementing North Africa’s role as a major financial hub.
In West Africa, Côte d’Ivoire ($80.9 billion) demonstrates the growing role of francophone markets, while Nigeria ($65.2 billion) underscores the scale of Africa’s largest economy despite fewer issuances compared to peers like Angola, which recorded 478 bonds. On the lower end, Tunisia ($16.9 billion) shows smaller volumes but steady issuance at nearly 300 bonds, highlighting how even modest markets can remain active players.
