Africa’s telecom bond market has spent much of the past decade caught between promise and perception. On one hand, demand for connectivity has surged, driven by population growth, urbanisation, data-hungry consumers and the steady transition from 3G to 4G and now 5G. On the other hand, global investors have often viewed African telecom debt through a lens of risk.
Between 2021 and 2025, however, the narrative shifted more decisively. Across the continent, telecom operators returned to the bond market in size, refinancing maturing…
