The real reason why cities in sub-Saharan Africa aren't issuing municipal bonds

© Frank Gärtner – [[www.123rf.com 123RF.com]]</span>Cities around the world have been financing their long-term investment needs through municipal bonds for centuries. The first recorded transaction occurred in Genoa in 1150. More recently, in the US, over $111bn were issued in November and December last year for infrastructure, pension obligations and other critical needs across the country.
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