%0 Journal Article
%T Supporting the future of municipal bonds in sub
%A Jeremy Gorelick
%J Environment and Urbanization
%@ 1746-0301
%D 2018
%R 10.1177/0956247817741853
%X This article explores the universal obstacles limiting sub-national governments from using municipal bonds. Specifically, it examines four case studies ¨C Johannesburg, Douala, Dakar and Kampala ¨C to understand their approaches to municipal bond issuance. The chief obstacle to municipal bond issuance for raising funds relates to the constitutional and regulatory systems in each country. This represents a significant departure from the commonly-held understandings that cities in the region are not eligible for long-term debt, lack capacity, or are not viewed as creditworthy by purchasers of municipal bonds. The success of municipal bond issuance appears contingent on strong interlinkages between central and sub-national governments. This article critically reviews the powers granted to local governments under the countries¡¯ constitutions, specifically the legislation that enables or prohibits municipalities from issuing bonds. Reform for a financially sustainable level of indebtedness for sub-sovereign governments is essential for the future growth of cities in sub-Saharan Africa
%K Dakar
%K Douala
%K Johannesburg
%K Kampala
%K municipal bonds in sub-Saharan Africa
%K municipal finance in sub-Saharan Africa
%U https://journals.sagepub.com/doi/full/10.1177/0956247817741853