Two years ago, the International Monetary Fund (IMF) expressed concern that African countries rushing to issue Eurobonds risked raising their debt levels and undermining growth in the process. The argument detailed that they could end up facing hikes in the exchange rates, which would make repaying debts problematic. Today, several of those countries which the IMF expressed those fears for are fulfilling that prophecy in an even more terrifying way. Nigeria, Ghana and Zambiathree countries which in the last decade cumulatively issued nearly 3 billion dollars in Eurobondhave not only seen their currencies crash, revenues dwindle and growth deepen, they are now actively seeking IMF assistance in the face of mounting budget deficit…
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