How healthy is Africa’s sovereign bond debt?

When Uganda dropped plans last year to raise money by issuing dollar-denominated debt, some experts faulted the decision and its timing as ill-advised when interest rates on global capital markets were at historic lows. By stepping back, the country resisted a trend that has gradually become a bond-selling spree in Africa, an attractive alternative for getting money on the cheap to finance crucial infrastructure with less strings attached. And Uganda did not go quietly; it warned other African countries to stay away from dollar-denominated debt because if not properly managed, it could become a major millstone when economic fortunes change.