African countries have loaded up on dollar debt, leading some to worry that a tightening of global financial conditions could trigger borrowing problems in coming years.

In the decade through 2019, debt levels in sub-Saharan countries excluding South Africa have risen 23 percentage points to around 50% of gross domestic product, according to the Institute of International Finance, a banking industry research group. Much of that issuance has occurred in dollar- or euro-denominated bonds issued in the past three years.

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