AvAilAble on line African Central Government Debt 2 0 1 4 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 A f r ic a n C StAtiStiCAl YeArbook e n t r a l G 2003-2013 o v e r n m e n t D e b t S t A t iS t iC A l Y e A r b o o k – 2 0 0 3 Consult this publication on line at http://dx.doi.org/10.1787/acgd-2014-en. -2 0 1 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) ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityofthe relevantIsraeliauthorities.Theuse ofsuchdatabytheOECDiswithoutprejudicetothestatusoftheGolanHeights,EastJerusalemandIsraeli settlementsintheWestBankunderthetermsofinternationallaw. CorrigendatoOECDpublicationsmaybefoundonlineat:www.oecd.org/about/publishing/corrigenda.htm. ©OECD2015 Youcancopy,downloadorprintOECDcontentforyourownuse,andyoucanincludeexcerptsfromOECDpublications,databasesand multimediaproductsinyourowndocuments,presentations,blogs,websitesandteachingmaterials,providedthatsuitable acknowledgmentofthesourceandcopyrightownerisgiven.Allrequestsforpublicorcommercialuseandtranslationrightsshouldbe submittedtorights@oecd.org.Requestsforpermissiontophotocopyportionsofthismaterialforpublicorcommercialuseshallbe addresseddirectlytotheCopyrightClearanceCenter(CCC)[email protected]çaisd'exploitationdudroitdecopie (CFC)[email protected]. 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 Follow OECD Publications on: http://twitter.com/OECD_Pubs http://www.facebook.com/OECDPublications http://www.linkedin.com/groups/OECD-Publications-4645871 http://www.youtube.com/oecdilibrary OECD Alerts http://www.oecd.org/oecddirect/ This book has... StatLinks2 A service that delivers Excel ® files from the printed page! Look for the StatLinks2at the bottom of the tables or graphs in this book. To download the matching Excel® spreadsheet, just type the link into your Internet browser, starting with the http://dx.doi.org prefix, or click on the link from the e-book edition. 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