{"id":135134,"date":"2026-01-21T15:28:01","date_gmt":"2026-01-21T20:28:01","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/africas-road-to-overcoming-the-prejudice-premium\/"},"modified":"2026-01-22T17:29:02","modified_gmt":"2026-01-22T22:29:02","slug":"africas-road-to-overcoming-the-prejudice-premium","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/africas-road-to-overcoming-the-prejudice-premium\/","title":{"rendered":"Africa\u2019s road to overcoming the prejudice premium"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a4f693ce3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Africa\u2019s road to overcoming the prejudice premium<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Johannesburg-aerial-view.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Johannesburg Aerial View\" title=\"Johannesburg Aerial View\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a4f69e482'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">January 21, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a4f6a0fc6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li>African sovereign and corporate issuers often face higher borrowing costs than peers with similar fundamentals, driven by risk perceptions rather than default data or recovery rates.<\/li>\n<li>Ratings methodologies, investor narratives, and policy predictability play a central role in reinforcing or correcting Africa\u2019s cost of capital disadvantage.<\/li>\n<li>Recent upgrades, capital inflows, and domestic funding initiatives suggest conditions are emerging for a reassessment of African risk by global markets.<\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a4f6a3d1a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Does Africa face a prejudice premium? At <strong>Africa Business Summit<\/strong> event hosted by Bloomberg in Johannesburg, market participants discussed the problem of bias causing higher perceptions of risk and therefore worse investment terms than in other, comparable, parts of the world, whether there a straightforward way out \u2013 and what role can African nations play in attracting more capital on favorable terms?<\/p>\n<p>Experts point to the fact that African borrowers face worse borrowing terms, and therefore higher interest rates, than countries with similar fundamentals in other continents. Africa therefore may be paying a \u201cprejudice premium\u201d, an enduring penalty based on factors that transcend pure financial statistics.<\/p>\n<p>For example, as Sim Tshabalala, Standard Bank Group CEO\u00a0, points out , C\u00f4te d\u2019Ivoire, has a similar rating to Serbia, yet its debt trades about 50 basis points higher. Additionally, South Africa, is currently rated BB- despite fundamentals that would support an investment-grade BBB rating.<\/p>\n<p>\u201cOverall, African sovereigns are rated around four notches lower than they should be, purely on the data,\u201d he adds. \u201cIf you compare historical default data to ratings, there is a mismatch. The data does not support the ratings and therefore the cost. In South Africa\u2019s case, the extra cost amounts to about 50 to 70 billion rand a year. It ought to change.\u201d<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a4f6a52ff'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3951832214903940171\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a4f6a8f11'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Are rating agencies applying a consistent standard to Africa?<\/p>\n<p>Some economists argue that emerging markets, in practice, default less often, and deliver higher recoveries when they do. In global project finance, Africa and the Middle East have recovery rates around 85%, the highest in the world, suggesting African risk is frequently overstated.<\/p>\n<p>Meanwhile, Absa Group\u2019s Africa Financial Markets Index shows that the general direction of travel is mixed for the continent\u2019s markets, with overall scores improving for some countries on its list and worsening for others.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2356\" height=\"1556\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png\" class=\"bbg-single-image__image attachment-full\" alt=\"chart1-Africas-road-to-overcoming-the-prejudice-premium-\" title=\"chart1-Africas-road-to-overcoming-the-prejudice-premium-\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png 2356w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart1-Africas-road-to-overcoming-the-prejudice-premium-.png 164w\" sizes=\"auto, (max-width: 2356px) 100vw, 2356px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>At the center of the debate are the ratings agencies, which influence everything from sovereign bond yields to how much banks must hold against loans. When ratings lag the reality on the ground, capital becomes disproportionately expensive. Kenny Fihla,<\/p>\n<p>\u201cThe negative impact of this premium runs through the whole system,\u201d he says. \u201cIt affects banks because our ratings are pegged to sovereign ratings, and that, in turn, affects our customers. Entire economies effectively suffer from this negative drag.\u201d<\/p>\n<p>None of this is to suggest that African investments come without risk. Political instability, currency swings, and infrastructure gaps remain material concerns, but these risks are often seen as permanent conditions rather thantemporary variables that can improve. The distinction matters when investors decide where to deploy long-term capital, says Roosevelt Ogbonna, Managing Director and CEO of Nigeria headquartered Access Bank.<\/p>\n<p>\u201cIn Africa we spend a lot of time managing fear rather than managing risk. Risk is easier to put our hands around and mitigate. Fear is something you just can\u2019t control,\u201d says Ogbonna, referencing US president Donald Trump\u2019s threat in December to strike ISIS cells in Northwest Nigeria, words he subsequently acted upon.<\/p>\n<p>\u201cNigeria really didn\u2019t need his intervention at the time it came through. We were just about to go to market his comments risked stoking fear: people wondering whether Nigeria might become unstable, and \u201cburn\u201d, and so on. But the markets proved smarter than the narrative.\u201d<\/p>\n<p>Ogbonna points to Nigeria\u2019s December raising of $2bn in private sector investment into its compressed natural gas initiative, which was many times oversubscribed. \u201cThe facts speak for themselves. Nigeria went to market intending to raise $2 billion and ended up raising over $12 billion. That is an affirmation of how markets perceive Nigeria\u2019s economy and prospects.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2352\" height=\"1532\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png\" class=\"bbg-single-image__image attachment-full\" alt=\"chart2 - Africa\u2019s road to overcoming the prejudice premium\" title=\"chart2-Africas-road-to-overcoming-the-prejudice-premium-\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png 2352w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart2-Africas-road-to-overcoming-the-prejudice-premium-.png 166w\" sizes=\"auto, (max-width: 2352px) 100vw, 2352px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>South Africa\u2019s upgrade lifts creditworthiness<\/h2>\n<p>There are signs that perceptions may be starting to shift, particularly in South Africa, the continent\u2019s largest economy, where a recent\u00a0S&amp;P upgrade\u00a0and positive outlook mark a potential inflection point.<\/p>\n<p>Johannesburg Stock Exchange CEO\u00a0Leila Fourie\u00a0notes that markets have already responded. South Africa has seen\u00a0R127 billion in net bond inflows, while the Top 40 index is up\u00a0more than 50% in dollar terms, outperforming broader emerging markets. \u201cI think the timing is right,\u201d she says. \u201cThe Treasury has delivered two consecutive budget surpluses and managed the fiscus well. We\u2019ve also just come off the FATF grey list. All of this matters for assessing creditworthiness. But this is only a first step on the journey back to investment grade.\u201d<\/p>\n<p>Nedbank Chair\u00a0Daniel Mminele\u00a0says in this case ratings agencies are responding to evidence rather than promises. Fiscal discipline, progress on logistics reform and improvements in electricity supply are beginning to show up in the data. \u201cThey could see that the evidence was mounting.\u201d he says. \u201cIt\u2019s very unusual to get upgraded and a positive outlook immediately confirmed. That shows they are buying in to the story. I would imagine other ratings agencies will think they missed something here.\u201d<\/p>\n<p>Currency dynamics have also played a role. Investors can manage volatility, but sustained depreciation erodes returns and deters long-term commitments. A firmer rand has helped ease inflation pressures and lower funding costs, creating room for investment decisions that were previously delayed. As Fourie puts it: \u201cThe cost of funds for banks is going to decrease and we will see that translating into improved lending conditions, so we\u2019re seeing growth and development in the financial sector\u201d.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2360\" height=\"1256\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png\" class=\"bbg-single-image__image attachment-full\" alt=\"chart3 - Africa\u2019s road to overcoming the prejudice premium\" title=\"chart3-Africas-road-to-overcoming-the-prejudice-premium-\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png 2360w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart3-Africas-road-to-overcoming-the-prejudice-premium-.png 192w\" sizes=\"auto, (max-width: 2360px) 100vw, 2360px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Predictability as a key factor for investors in Africa<strong>\u00a0<\/strong><\/h2>\n<p>According to mining executive\u00a0Richard Stewart\u00a0of Sibanye Stillwater, investors prioritize stability;\u201c\u201c[As an investor] you need clear policy from government that they want to promote this industry, that they understand that this is a journey and that they are consistent,\u201d says Stewart. Mining assets last decades, as do power plants, ports, and data centers. In that context, regulatory surprises could raise costs overnight.<\/p>\n<p>If policy consistency is one side of the equation, speed of decision-making is the other. Jonathan Oppenheimer, Executive Chairman of Oppenheimer Generations, says time is often the most expensive input in any project and this is felt most sharply by smaller businesses. Even well-capitalized investors struggle when approvals drag on for months or years.<\/p>\n<p>\u201cSystems consume people\u2019s time,\u201d he says. \u201cEntrepreneurs are CEOs, COOs, HR, legal, everything, and then they must spend a year trying to get financing because processes are so slow. A big multinational can tolerate that; a small business cannot. They need decisions in a week, and almost nowhere is it that easy.\u201d<\/p>\n<p>The depth of local capital markets, anchored by robust governance, helps to keep projects funded. Strong domestic savings, pension funds and insurance pools can anchor investment and reduce reliance on foreign capital that has the option to exit at the first sign of trouble. This is particularly important for Africa, which has seen VC flows head to the Middle East and South Asia in recent years.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2348\" height=\"1368\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png\" class=\"bbg-single-image__image attachment-full\" alt=\"chart4 - Africa\u2019s road to overcoming the prejudice premium\" title=\"chart4-Africas-road-to-overcoming-the-prejudice-premium-\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png 2348w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/chart4-Africas-road-to-overcoming-the-prejudice-premium-.png 185w\" sizes=\"auto, (max-width: 2348px) 100vw, 2348px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Signals for Africa\u2019s future cost of capital<\/h2>\n<p>There are two sources for optimism around Africa\u2019s standing on the world stage, according to expert. One is that standard setters appear to be reassessing their view tof the continent, with South Africa at the forefront. \u201cA couple of things are happening,\u201d says Standard Bank Group\u2019s Tshabalala. \u201cThere is a debate happening with various rating agencies. We argue they should understand the continent better. They are taking steps: Moody\u2019s bought GCR and increased African representation. S&amp;P has strengthened its presence in South Africa. That\u2019s positive.\u201d<\/p>\n<p>The other is that Africa is developing stronger mechanisms to fund its own growth. The continent has a chance to recycle its savings, directing them into investment. Pension funds can play a larger role in funding infrastructure, housing and energy, potentially reducing exposure to more volatile foreign flows and building confidence by showing locals are willing to back their own economies.<\/p>\n<p>\u201cThere\u2019s work to be done by African sovereigns to improve investor relations, improve budget transparency, improve monetary policy management, keep central banks independent and allow currencies to float,\u201d adds Tshabalala.<\/p>\n<p>Access Bank\u2019s Ogbonna agrees: \u201cThis premium we have to pay only makes sense because we all have to go externally to borrow. If we can mobilize capital that\u2019s currently stranded on the continent, we reduce reliance on ratings and on international markets to raise debt and equity.\u201d<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>Insights in this article are based on panels and fireside discussions at the Africa Business Summit event organized by Bloomberg in Johannesburg in November 2025.<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09a4f6b1cc7]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09a4f6b1cc7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    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Shifting investor narratives, ratings methodologies, policy clarity, upgrades, and inflows suggest conditions are emerging for a reset in global risk views.<\/p>\n","protected":false},"author":1933,"featured_media":135405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"534","footnotes":""},"categories":[453,534],"tags":[3724,3723,3846],"series":[],"class_list":["post-135134","post","type-post","status-publish","format-standard","hentry","category-markets","category-regional-analysis","tag-emerging-markets","tag-regulatory-risk","tag-terminal_2026","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Africa\u2019s road to overcoming the prejudice premium | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"African issuers often face higher financing costs despite comparable fundamentals. 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