Ivory Coast is now the highest-rated sovereign in Sub-Saharan Africa with foreign debt outstanding. It displaced South Africa, which was previously the top sovereign in the region, to achieve this feat. The West African country’s 2028 debt yield dropped to 7.09%, the lowest since April, reflecting its impressive rating trajectory over the past decade, noted Samir Gadio of Standard Chartered. In January, the country issued $2.6 billion in eurobonds, ending Sub-Saharan Africa’s international capital market drought. The country also benefited from a $4.8 billion IMF funding agreement despite lower cocoa production. The economy, projected to grow by 6.5% in 2024, is one of the fastest growing in the region. Furthermore, the S&P believes that commodity exports will rise within the next two years, further putting the country on a path of sustained growth. Moody’s upgraded Ivory Coast’s rating to Ba2, highlighting its strong market presence and the need for further fiscal consolidation.
SOURCE: BUSINESS INSIDER
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