{"id":15608,"date":"2026-08-21T09:48:24","date_gmt":"2026-08-21T09:48:24","guid":{"rendered":"https:\/\/adfi-ci.org\/?p=15608"},"modified":"2026-09-22T10:54:26","modified_gmt":"2026-09-22T10:54:26","slug":"domestic-resource-mobilization-through-local-currency-financing-and-the-deepening-of-capital-markets-an-african-perspective","status":"publish","type":"post","link":"https:\/\/adfi-ci.org\/fr\/domestic-resource-mobilization-through-local-currency-financing-and-the-deepening-of-capital-markets-an-african-perspective\/","title":{"rendered":"Mobilisation des ressources int\u00e9rieures par le financement en devise locale et l\u2019approfondissement des march\u00e9s de capitaux : Une perspective africaine"},"content":{"rendered":"<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-59c4d33d-760a-4b88-aae8-003bec652545\" href=\"https:\/\/adfi-ci.org\/wp-content\/uploads\/2026\/09\/FR_AADFI_Article-NAFAD_FINAL.pdf\">AADFI_Article-NAFAD (1) FINAL<\/a><a href=\"https:\/\/adfi-ci.org\/wp-content\/uploads\/2026\/09\/FR_AADFI_Article-NAFAD_FINAL.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-59c4d33d-760a-4b88-aae8-003bec652545\">T\u00e9l\u00e9charger le fichier en Fran\u00e7ais<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"has-very-dark-black-color has-text-color wp-block-paragraph\"><strong>PETER DANIEL ONIMISI (Doctorat.)<\/strong> <strong>(Ph.D.)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:12px\"><em>Association des institutions africaines de financement du d\u00e9veloppement (AIAFD) <br>Abidjan, R\u00e9publique de C\u00f4te d\u2019Ivoire<\/em><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>R\u00e9sum\u00e9<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Le d\u00e9ficit annuel de financement du d\u00e9veloppement en Afrique d\u00e9passe d\u00e9sormais 1 300 milliards de dollars, sous l\u2019effet de l\u2019augmentation du co\u00fbt du service de la dette, de la d\u00e9t\u00e9rioration de l\u2019environnement du financement ext\u00e9rieur et des limites structurelles li\u00e9es \u00e0 l\u2019endettement en devises \u00e9trang\u00e8res. Cet article soutient que le financement en devise locale et l\u2019approfondissement d\u00e9lib\u00e9r\u00e9 des march\u00e9s de capitaux nationaux constituent d\u00e9sormais la principale r\u00e9ponse strat\u00e9gique \u00e0 la disposition des \u00e9conomies africaines et de leurs institutions de financement du d\u00e9veloppement (IFD). L\u2019article analyse la mani\u00e8re dont la Nouvelle architecture financi\u00e8re africaine pour le d\u00e9veloppement (NAFAD), port\u00e9e par la Banque africaine de d\u00e9veloppement (BAD) et adopt\u00e9e dans le cadre du Consensus d\u2019Abidjan d\u2019avril 2026, s\u2019impose progressivement comme le cadre de r\u00e9f\u00e9rence continental pour r\u00e9pondre au d\u00e9fi de la mobilisation des capitaux. S\u2019appuyant sur des donn\u00e9es \u00e0 l\u2019\u00e9chelle du continent, sur le cadre de la NAFAD, sur les innovations institutionnelles observ\u00e9es dans le secteur des IFD ainsi que sur l\u2019industrie nig\u00e9riane des fonds de pension utilis\u00e9e comme \u00e9tude de cas d\u00e9taill\u00e9e, l\u2019article examine l\u2019architecture n\u00e9cessaire au bon fonctionnement des march\u00e9s de capitaux en monnaie locale, l\u2019\u00e9volution du r\u00f4le des IFD africaines en tant que b\u00e2tisseurs de march\u00e9s plut\u00f4t que pr\u00eateurs de dernier ressort, ainsi que les contraintes structurelles \u00e0 surmonter, notamment les pressions inflationnistes, le faible d\u00e9veloppement des instruments de march\u00e9 destin\u00e9s au secteur priv\u00e9 et la fragmentation de la base d\u2019investisseurs. \u200cNeuf orientations de politique publique sont identifi\u00e9es, notamment l\u2019ancrage de la coordination continentale autour de la NAFAD, le renforcement des bureaux de gestion de la dette, le d\u00e9ploiement \u00e0 plus grande \u00e9chelle des m\u00e9canismes de rehaussement de cr\u00e9dit soutenus par les IFD, tels que la recapitalisation de African Trade and Investment Development Insurance (ATIDI), ainsi que l\u2019\u00e9largissement des capacit\u00e9s de couverture du risque de change en monnaie locale. L\u2019article conclut que les ressources n\u00e9cessaires \u00e0 cette transformation, estim\u00e9es \u00e0 pr\u00e8s de 4 000 milliards de dollars US de capitaux institutionnels africains, existent d\u00e9j\u00e0. Le v\u00e9ritable d\u00e9fi r\u00e9side d\u00e9sormais dans la mise en place de l\u2019infrastructure institutionnelle n\u00e9cessaire \u00e0 leur mobilisation productive, infrastructure dont la NAFAD constitue aujourd\u2019hui le principal cadre de coordination \u00e0 l\u2019\u00e9chelle du continent.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><strong>Mots-cl\u00e9s : <\/strong><em>Mobilisation des ressources int\u00e9rieures ; financement en monnaie locale ; d\u00e9veloppement des march\u00e9s de capitaux ; institutions de financement du d\u00e9veloppement (IFD) ; Afrique ; fonds de pension ; viabilit\u00e9 de la dette ; financement mixte.<\/em><\/p>\n\n\n\n<style type=\"text\/css\">\n.img-box {\n    text-align: center;\n    background-color: #222;\n    display: none;\n}\n.wp-block-file a.wp-block-file__button {\n    text-decoration: none;\n    display: table;\n    line-height: 1.8;\n    font-size: 17px;\n    font-weight: bold;\n    background-color: #0073aa;\n    border-radius: 5px;\n    color: #fff;\n}\n<\/style>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>PETER DANIEL ONIMISI (Ph.D.) Association of African Development Finance Institutions (AADFI) Abidjan, Republic of C\u00f4te d\u2019Ivoire Abstract Africa\u2019s annual development-financing shortfall has escalated to more than $1.3 trillion, driven by rising debt-service costs, a deteriorating external financing environment, and the structural limits of foreign-currency borrowing. This article argues that local-currency financing and the deliberate deepening [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_monsterinsights_skip_tracking":false,"_templately_pack_id":"","_templately_imported_at":"","_templately_source":"","_templately_import_session_id":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"two_page_speed":[],"_xspeed_no_cache":false,"_xspeed_expiry_hours":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6,7],"tags":[],"class_list":["post-15608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-members-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"AADFI_Article-NAFAD (1) FINALDownload PETER DANIEL ONIMISI (Ph.D.) Association of African Development Finance Institutions (AADFI) Abidjan, Republic of C\u00f4te d\u2019Ivoire Abstract Africa\u2019s annual development-financing shortfall has escalated to more than $1.3 trillion, driven by rising debt-service costs, a deteriorating external financing environment, and the structural limits of foreign-currency borrowing. 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