From negligible levels prior to 2009, sovereign bond issues in sub-Saharan Africa rose to more than $ billion in 2014.4 Similarly, the number of countries rated by the major agencies rose from only 4 in 2003 to 17 in 2014.
By 2014, the stock of outstanding sovereign bonds in the region had risen to around $ billion, though it is still small at 1,1 per cent of regional GDP. 3  International Monetary Fund, “Where are we headed? Perspectives on potential output”, World Economic Outlook, Washington DC: International Monetary Fund, April 2015.