Africa’s Domestic Debt Boom: Evidence from the African Debt Database

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 har-monized 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 sub-stantial cross-country variation. Four stylized facts stand out: (i) the rapid expansion of do-mestic 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 interna-tional bonds. Generally, this project shows that debt transparency is both feasible and valua-ble, even in data-scarce environments.

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