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West Africa debt markets absorb early-2026 borrowing surge

Man pushing truck with gallons of water in Benin. Photo by Dananjaya Nugraha @ Unsplash
Man pushing truck with gallons of water in Benin. Photo by Dananjaya Nugraha @ Unsplash
  • Côte d’Ivoire leads early sovereign issuance across the WAEMU bloc
  • Longer maturities expose widening yield gaps among issuers

 

ABIDJAN, CÔTE D’IVOIRE – West Africa’s regional debt market opened 2026 with heavy sovereign borrowing, extending last year’s record issuance but revealing sharper investor discrimination as maturities lengthen.

Governments in Côte d’Ivoire, Benin and Mali raised more than 420 billion CFA francs ($700 million) in the first week of January through auctions on the UMOA-Titres platform, according to official results. Côte d’Ivoire dominated early issuance, securing over 320 billion CFA francs in its first operation of the year. Benin followed with 60 billion CFA francs, while Mali raised 44 billion CFA francs in a subsequent auction.

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