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En 5 mois, les pays africains ont déjà emprunté près de 11 milliards de dollars sur le marché international : risques et opportunités - Algerie360
(Ecofin Hebdo) – Les gouvernements d’Afrique subsaharienne ont renoué cette année 2018 avec une intense activité sur le marché des emprunts souverains (étrangers), via l’émission des obligations internationales sur les marchés des capitaux occidentaux (encore appelés Eurobonds). Rien que sur les premiers mois, cinq pays de la région (Kenya, Nigeria, Sénégal, Ghana et Afrique du sud) ont mobilisé un montant cumulé de 10,7 milliards $. Cette dynamique des Eurobonds semble désormais indissociable de l’analyse et la compréhension des cadres macroéconomiques des pays de la région
On ne sait pas encore si le niveau d’émission d’eurobonds de 2018 battra celui de 2017 (18,5 milliards $), mais deux pays, Angola et Tanzanie, sont dans le pipe, marquant un appétit constant pour ce mode de financement par les gouvernements africains. Dans son rapport Pulse Africa, publié en avril 2018, la Banque mondiale relevait que les dettes issues de ces opérations représentaient désormais 19,8% du PIB (produit intérieur brut), contre 9,7% en 2007.
Concervence d’intérêts entre les pays africains et les investisseurs
L’Afrique subsaharienne hors Afrique du sud, est donc devenue mature dans ce type d’opération, aidé par une conjoncture internationale et des conditions macroéconomiques qui lui ont été favorables. A l’exception de quelques pays, peu de pays émetteurs dans la région, se sont retrouvés en position de défaut. Il est vrai que la notation du Gabon a été ramenée à spéculative par Moody’s et que le Congo Brazzaville doit batailler avec de nombreux créanciers privés.
Plusieurs pays africains arrivent sur ce marché des capitaux, en raison de la facilité à mobiliser des ressources en devises étrangères, nécessaires pour le financement de leurs infrastructures. Les investisseurs, eux, continuent d’être séduits par les perspectives de rendement qu’offrent ces produits financiers.
Plusieurs pays africains arrivent sur ce marché des capitaux, en raison de la facilité à mobiliser des ressources en devises étrangères, nécessaires pour le financement de leurs infrastructures. Les investisseurs, eux, continuent d’être séduits par les perspectives de rendement qu’offrent ces produits financiers.
La croissance économique dans la sous-région reprend, certes timidement, une tendance haussière. Elle est annoncée à 3,7% en 2018, contre 2,4% en 2017. Dans le même temps, la crise des matières premières s’est traduite par une amélioration du déficit courant (situation où un pays effectue plus de paiement extérieur qu’il n’en reçoit). Il est passé de 4,1% du PIB en 2016 à 2,6% au terme de l’année 2017. Mais cet indicateur devrait se dégrader légèrement en 2018.
De même, l’inflation moyenne dans la région s’est aussi légèrement améliorée. Elle était juste de 10% à la fin de l’exercice 2017, contre 12,7% en décembre 2016, et selon des analyses concordantes sur l’économie de la région, les prix devraient connaître une modeste progression en 2018. Enfin, les investisseurs et autres gestionnaires d’actifs monétaires, tirent des rendements plus intéressants que ce qu’offrent d’autres obligations émises sur des marchés plus matures, jugées en théorie, moins risquées.
Un appétit pour les eurobond qui n’est pas sans risques
Cette dynamique quoique positive, ne va pas sans créer des préoccupations, notamment sur la soutenabilité d’un fort endettement pour des pays aux structures économiques encore faibles, et dont les systèmes de production reposent majoritairement sur des activités de rentes, alors que l’essentiel des consommations est tourné vers des produits à plus forte valeur ajoutée, venus de l’extérieur. Au-delà de la position de la Banque Africaine de Développement qui estime qu’en valeur, l’Afrique n’est pas surendettée, plusieurs analyses reviennent sur les risques associés aux eurobonds, qui pourraient ne pas tarder à surgir.
Le premier est le risque de change. Le fait que ces obligations internationales, soient émises dans des devises étrangères, expose à un risque d’accroissement important de la dette. Selon des analyses produites par le Cadre pour une Annulation de la Dette des Pays du Tiers Monde, les variations de change, à elles seules, avaient contribué à alourdir le service de la dette de nombreux pays. Rien que sur les intérêts, ils ont remboursé plusieurs fois l’équivalent du montant principal emprunté. Un tel risque n’est pas écarté pour l’endettement actuel.
Les variations de change, à elles seules, avaient contribué à alourdir le service de la dette de nombreux pays. Rien que sur les intérêts, ils ont remboursé plusieurs fois l’équivalent du montant principal emprunté. Un tel risque n’est pas écarté pour l’endettement actuel.
Le deuxième risque associé aux eurobonds des pays africains est celui de la situation des taux d’intérêts sur d’autres marchés. Dans ce contexte, l’évolution des taux directeurs par la réserve fédérale américaine est particulièrement à suivre. Une hausse continue de ces taux, va avoir comme effet de réduire l’intérêt pour les obligations africaines et par conséquent d’augmenter les coûts des futurs emprunts souverains africains.
Le troisième défi est plus global et concerne les chocs extérieurs. En général, les pays défendent leurs capacités à rembourser les emprunts réalisés, par le niveau de leurs revenus extérieurs. Dans ce contexte, la menace réside dans une baisse de la demande internationale sur certains produits de base (commodities), qui constituent le gros des exportations d’Afrique subsaharienne. En Afrique centrale, par exemple, la baisse des prix des matières premières (pétrole et autres) et l’obligation de poursuivre avec certains chantiers d’infrastructures, ont malmené les comptes de ses pays membres.
Très peu de pays africains, ont produit un bilan de l’utilisation qui a été faite des ressources mobilisées. Elles étaient initialement destinées à la construction d’infrastructures, mais dans plusieurs cas, elles se sont retrouvées à gérer des dépenses courantes.
Il semble exister enfin un problème d’efficience. Très peu de pays africains, ont produit un bilan de l’utilisation qui a été faite des ressources mobilisées. Elles étaient initialement destinées à la construction d’infrastructures, mais dans plusieurs cas, elles se sont retrouvées à gérer des dépenses courantes. Dans certains cas extrêmes, il se pose un défi de corruption ou de détournement des fonds par des dirigeants.
Des alternatives possibles, mais complexes
Dans un tel contexte, de nombreuses alternatives sont proposés. La Société financière Internationale et aussi la Banque Africaine de Développement encouragent et travaillent à développer un marché local des capitaux. Mais l’initiative obtient des réponses très lentes. En effet, la mobilisation des ressources internes se heurte au verrou de la contrepartie extérieure qui nait de l’obligation pour les pays africains de souvent contracter avec des entreprises étrangères pour leurs infrastructures.
Une autre approche qui est celle de la Banque africaine d’import-export (Afrexim Bank) est celle qui consiste à inviter les pays africains à financer eux même leur développement, en ayant recours aux excès des avoirs en devises des banques centrales, pour soutenir notamment la transformation structurelle de leurs économies.
les pays africains emprunteurs peuvent également se montrer plus efficients dans la réalisation de ces opérations. Du moment qu’ils n’ont pas d’autres choix que de solliciter ces mécanismes de financement, les ressources mobilisées devraient servir aux financement de projets, permettant d’encourager surtout les exportations, ou de dynamiser davantage l’activité économique avec un effet multiplicateur réel sur l’économie.
La progression de l’émission des eurobonds d’Afrique subsaharienne sera donc à suivre. Mais avec le Fonds Monétaire International, qui est désormais revenu dans son rôle de sauveur pour certains pays africains, il n’est pas exclu qu’on assiste à un ralentissement de ce type d’émission. L’institution de Bretton Woods, dans ses différentes interventions en Afrique, encourage les pays à rechercher plus de dette concessionnelles au détriment de la dette privée.
Idriss Linge