Analysis-Counting the cost of contagion fears from Africa coups

FILE PHOTO: Gabon coup leader General Brice Oligui Nguema is sworn in as interim president during his swearing-in ceremony, in Libreville, Gabon, September 4, 2023. REUTERS/Stringer/File Photo

LONDON (Reuters) - When Gabon's General Brice Oligui Nguema ousted his distant cousin last month, he became the eighth military leader who has taken power by force in Africa since 2020. But one aspect about the country was different: it had sold a sizeable amount of bonds on international capital markets, and had just weeks prior sealed continental Africa's first debt-for-nature swap.

The putsch not only sent Gabon's bonds tumbling 10%, but also hit those issued by a number of other countries including neighbouring Cameroon, as jittery investors scanned for who might be next.