Using survey and interview data gathered from 13 countries in Africa, and bond issuance data from DataStream, this study reveals that corporate bond markets in Africa use reasonably modern trading infrastructure. However, most debt contracts have no provisions that protect investors against risk and uncertainties. The study also revealed that liquidity, the level of investor awareness, complex and costly issuance process, and crowding out by government bonds are some of the key factors that preclude the development of corporate bond markets in Africa.
