Os mutuários de créditos “subprime” na África subsariana

NOVA IORQUE – Nos últimos anos, um número crescente de governos africanos emitiram “Eurobonds”, diversificando de longe as fontes tradicionais de financiamento, como a dívida concessional e o investimento directo estrangeiro. Ao assumir a liderança em Outubro de 2007, quando emitiu um “Eurobond” de 750 milhões de dólares, com um cupão de 8,5%, o Gana ganhou a distinção de ser o primeiro país subsariano – com excepção da África do Sul – a emitir obrigações em 30 anos.

Esta estreia na emissão subsariana, que excedeu quatro vezes a oferta, provocou um pagode de empréstimos soberanos na região. Nove outros países – Gabão, República Democrática do Congo, Costa do Marfim, Senegal, Angola, Nigéria, Namíbia, Zâmbia e Tanzânia – seguiram o exemplo. Em Fevereiro de 2013, estas dez economias africanas juntaram colectivamente 8,1 mil milhões de dólares com as suas primeiras emissões de obrigações soberanas, com um vencimento médio de 11,2 anos e uma taxa de cupão média de 6,2%. A dívida externa existente desses países, tinha, por outro lado, uma taxa de juro média de 1,6% com um vencimento médio de 28,7 anos.

Não é segredo para ninguém que as obrigações soberanas têm custos de empréstimos significativamente mais elevados do que as dívidas concessionais. Então, por que é que há um número crescente de países em desenvolvimento a recorrer à emissão de obrigações soberanas? E por que é que os credores de repente acharam estes países apetecíveis?

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