Africa’s telecom bond market has spent much of the past decade caught between promise and perception. On one hand, demand for connectivity has surged, driven by population growth, urbanisation, data-hungry consumers and the steady transition from 3G to 4G and now 5G. On the other hand, global investors have often viewed African telecom debt through a lens of risk. Between 2021 and 2025, however, the narrative shifted more decisively. Across the continent, telecom operators returned to the bond market in size, refinancing maturing obligations and raising fresh capital for infrastructure expansion. While no single figure captures Africa’s total telecom bond activity, sector reports and landmark transactions suggest that several billion dollars were raised through corporate bonds and struct...