Despite offering some of the world's highest-yielding government bonds, investment in Africa has been limited by a presumption of risk from international investors, a situation experts have said is rooted in bias.
Many African nations are not borrowing as much as those in developed markets, with sub-Saharan African countries, while U.S. public debt sat at 106.9% of GDP in 2019.
"Investors know the risk of Argentina: if something happens, all of the investors will get together over a beer and say, 'argh, Argentina did it again!' and they will all feel okay because all of their friends will have been in the same boat, and all of them will be suffering equally," Charlier told the panel.
"When these trading blocs really work to improve our ability to coordinate to ease business, this is when we will be able to kill the dollarization effect so that we can trade locally." He highlighted that even local trades are all too often settled in dollars, so African investors must have a role in helping governments initiate trading blocs and killing "cumbersome investment requirements and legislative processes.
Annan argued that a change in narrative to overcome historic biases around African markets lacking the economic and financial sophistication of the developed world or being prone to default "has to be done yesterday."
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