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This publication provides comprehensive and consistent information on African central government debt statistics for the period 2003-2013. Detailed quantitative information on central government debt instruments is provided for 17 countries to meet the requirements of debt managers, other financial policy makers and market analysts. A cross country overview on African debt management policies and country policy notes provides background information on debt issuance as well as on the institutional and regulatory framework governing debt management policy

Government debt managers have the responsibility to issue debt instruments to meet the borrowing needs of governments, to manage the outstanding stock of debt, to retire maturing debt and to contribute to the development of the market infrastructure. The type of debt instruments to be issued and the amounts to be raised depend not only on the volume of the borrowing requirement but also on the liquidity of the various outstanding instruments, preferences of investors and, more generally, on the financial and macroeconomic environment. Raising funds through marketable instruments will depend on factors such as easy access to well-functioning primary and secondary markets (in particular market liquidity) and the presence of well-developed market segments – institutional and retail investors.

Borrowing requirements by governments in Africa to finance their budget deficits are met by both funds raised on financial markets and to a decreasing extent by non-marketable debt via bilateral, multilateral and concessional loans. Debt management techniques and policies can substantially influence the development and liquidity of local currency bond markets. Cross-border government borrowings have become more significant. Government debt instruments attract both institutional and retail investors and have an important share in the portfolios of both domestic and foreign fund managers.