African Central government debt : statistical yearbook, 2003-2013.

264 Pages·2015·2.114 MB·English

by  OECD

AvAilAble on line
African Central Government Debt 2
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StAtiStiCAl YeArbook 2003-2013
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.
Also available on line: This title is also available on line via www.oecd-ilibrary.org under African Central
Government Debt – Statistical Yearbook (http://dx.doi.org/10.1787/acgd-2014-en).
Countries covered: Angola, Cameroon, Gabon, Kenya, Madagascar, Malawi, Mauritius, Morocco, Mozambique,
namibia, nigeria, Sierra leone, South Africa, Tanzania, Tunisia, Uganda and Zambia.
Contents African Central
Part i. Pan-African comparisons: Tables and figures
Part ii. African debt management policies: Cross-country overview
Government
Part iii. Country tables and policy notes
Debt
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This work is published on the oeCD ilibrary, which gathers all oeCD books, periodicals and statistical databases. 3
visit www.oecd-ilibrary.org for more information.
2014
9HSTCQE*ccgjjj+
2014
iSbN 978-92-64-22699-9
21 2014 03 1 P

African Central
Government Debt
STATISTICAL YEARBOOK
2003-2013
ThisworkispublishedundertheresponsibilityoftheSecretary-GeneraloftheOECD.The
opinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficial
viewsofOECDmembercountries.
This document and any map included herein are without prejudice to the status of or
sovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundaries
andtothenameofanyterritory,cityorarea.
Pleasecitethispublicationas:
OECD(2015),AfricanCentralGovernmentDebt:StatisticalYearbook,OECDPublishing.
http://dx.doi.org/10.1787/acgd-2014-en
ISBN978-92-64-22699-9(print)
ISBN978-92-64-22700-2(PDF)
ISBN (HTML)
Series/Periodical:
ISSN2222-9558(print)
ISSN2222-9566(online)
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FOREWORD
Foreword
B
orrowingrequirementsbygovernmentsinAfricatofinancetheirbudgetdeficitsaremetbybothfunds
raisedonfinancialmarketsandtoadecreasingextentbynon-marketabledebtviabilateral,multilateral
and concessional loans. Debt management techniques and policies can substantially influence the
developmentandliquidityoflocalcurrencybondmarkets.Cross-bordergovernmentborrowingshave
becomemoresignificant.Governmentdebtinstrumentsattractbothinstitutionalandretailinvestorsand
haveanimportantshareintheportfoliosofbothdomesticandforeignfundmanagers.
The focus of this fifth edition is to provide comprehensive quantitative information onAfrican
centralgovernmentdebtinstruments,bothmarketabledebtandnon-marketabledebt.Thecoverageof
dataislimitedtocentralgovernmentdebtissuanceaswellasbilateral,multilateralandconcessional
debtandexcludesthereforestateandlocalgovernmentdebtandsocialsecurityfunds.Futureeditions
envisageexpandingcoveragebyincludinggeneralgovernmentdebtandcomprehensiveinformationon
publicdebtpolicies.
Statistics are derived from national sources based on a questionnaire prepared under the
supervision of DrHans J.Blommestein, manager of the OECD Project on African Public Debt
ManagementandBondMarkets.ThedatawasputtogetherbyPerlaIbarluceaFlores(statisticianin
OECD’s Bond Market and Public Debt Management Unit) and HafsteinnHafsteinsson (OECD
consultant).ThepublicationalsobenefitedfromtheinputbyThorSaari(senioradvisortotheOECD
projectonAfricandebtmanagementandbondmarkets).
Individualcountrydataarepresentedinacomprehensivestandardframeworktofacilitatecross-
country comparison.Accompanying country notes describe the details of debt instruments in each
countryandprovideinformationontheinstitutionalandregulatoryframeworkaswellasonselling
techniquesofdebtinstruments.Thispublicationcouldnothavebeenaccomplishedwithouttheactive
contributions by African debt managers and the generous financial contribution by the Icelandic
government.
Countries included in this fifth edition are: Angola, Cameroon, Gabon, Kenya, Madagascar,
Malawi, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Sierra Leone, SouthAfrica,Tanzania,
Tunisia,UgandaandZambia.
AFRICANCENTRALGOVERNMENTDEBT2014:STATISTICALYEARBOOK©OECD2015 3

TABLEOFCONTENTS
Table of contents
Acronyms ................................................................. 7
Introduction ............................................................... 9
PartI
Pan-Africanoverviewofcentralgovernmentdebt:Tablesandfigures
Figures
I.1. Africancentralgovernmentdebt....................................... 13
I.2. Centralgovernmentdebt ............................................. 14
I.3. Centralgovernmentmarketabledebt................................... 15
I.4. Centralgovernmentnon-marketabledebt............................... 16
I.5. Compositionofcentralgovernmentdebt................................ 17
I.6. Averagetermtomaturityoftotaldebt.................................. 18
Tables
I.1a. Totalcentralgovernmentdebt......................................... 19
I.1b. Totalcentralgovernmentdebt......................................... 19
I.2a. Centralgovernmentmarketabledebt................................... 20
I.2b. Centralgovernmentmarketabledebt................................... 20
I.3a. Centralgovernmentnon-marketabledebt............................... 21
I.3b. Centralgovernmentnon-marketabledebt............................... 21
I.4. Ownershipoflocal-currencymarketabledebt ........................... 22
I.5. Grossdomesticproduct .............................................. 23
I.6. End-of-yearexchangerate............................................ 23
PartII
Africandebtmanagementpolicies:Crosscountryoverview
I. Organisationalstructureofthedebtmanagementfunction .............. 27
II. Issuancemethods................................................... 28
III. Auctiondesign...................................................... 29
IV. Instruments ........................................................ 30
V. Issuancecalendarandannouncementofauctionresults ................ 32
VI. Primarydealersystems.............................................. 33
VII. Organisedmarket,exchangesandelectronictrading.................... 34
Notes.................................................................. 36
Bibliography............................................................ 36
AFRICANCENTRALGOVERNMENTDEBT2014:STATISTICALYEARBOOK©OECD2015 5
TABLEOFCONTENTS
PartIII
Countrytablesandpolicynotes
Angola .................................................................... 41
Cameroon ................................................................. 53
Gabon..................................................................... 67
Kenya..................................................................... 77
Madagascar................................................................ 91
Malawi.................................................................... 103
Mauritius.................................................................. 115
Morocco ................................................................... 129
Mozambique............................................................... 147
Namibia................................................................... 159
Nigeria.................................................................... 161
SierraLeone ............................................................... 175
SouthAfrica ............................................................... 189
Tanzania .................................................................. 205
Tunisia.................................................................... 217
Uganda.................................................................... 231
Zambia.................................................................... 243
AnnexA.Supplementaryinformation.......................................... 259
Conventional signs
Totalmaynotaddupduetorounding
.. Notavailable
- Nilornegligible
. Decimalpoint
p Provisional
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6 AFRICANCENTRALGOVERNMENTDEBT2014:STATISTICALYEARBOOK©OECD2015
ACRONYMS
Acronyms
ASEA AfricanSecuritiesExchangesAssociation
BAD BanqueAsiatiquedeDéveloppement
BEAC BanquedesÉtatsdel’AfriqueCentrale
BGD BanqueGabonaisedeDéveloppement
BNA CentralBankofAngola
BOM BankofMauritius
BOT BankofTanzania
BOZ BankofZambia
BRVM BourseRégionaledesValeursMobilières
BVMAC BourseRégionaledesValeursMobilièresd’AfriqueCentrale
CAA CaisseAutonomed’Amortissement
CB CentralBank
CEMAC CommissiondelaCommunautéÉconomiqueetMonétaire
del’AfriqueCentrale
CNDP NationalCommitteeforPublicDebt
DGCP DirectionGénéraledelaComptabilitéPublique
DMC DebtManagementCommittee
DMD DebtManagementDepartment
DMFAS DebtManagementandFinancialAnalysisSystem
DMO DebtManagementOffice
DPSU DebtPolicyandStrategyUnit
DSX DoualaStockExchange
DTFE DepartmentofTreasuryandExternalFinance
EGX EgyptianExchange
ETC EconomicandTechnicalCo-operation
FAD FondsAfricaindeDéveloppement
FIDA FoundationforInternationalDevelopmentAssistance
GSS GovernmentSecuritiesSystem
IDA InternationalDevelopmentAssociation
IDM InvestmentandDebtManagementDepartment
IMF InternationalMonetaryFund
IVT TreasurySecuritiesIntermediaries
JSE JohannesburgStockExchange
JWG JointWorkingGroup
LAU LoanAdministrationUnit
MOF MinistryofFinance
MOFED MinistryofFinanceandEconomicDevelopment
MOFNP MinistryofFinanceandNationalPlanning
NDMC NationalDebtManagementCommittee
NSE NigerianStockExchange
NDT NationalDirectorateofTreasury
AFRICANCENTRALGOVERNMENTDEBT2014:STATISTICALYEARBOOK©OECD2015 7
ACRONYMS
OPEC OrganizationofthePetroleumExportingCountries
PD PrimaryDealer
PDU PublicDebtUnit
RMU ResourceMobilisationUnit
SVT SpécialistesenValeurduTrésor
UNCTAD UnitedNation’sConferenceonTradeandDevelopment
WAEMU WestAfricaEconomicandMonetaryUnion
YTM Yield-to-maturity
8 AFRICANCENTRALGOVERNMENTDEBT2014:STATISTICALYEARBOOK©OECD2015