Original opinion writing on credit risk, project finance, emerging markets, and policy, grounded in the same models and research behind the work on this site.
A balanced look at Kenya's Finance Bill 2026, citing IEA Kenya's structural critique, and why tax policy volatility matters more for business and employment than any single rate.
Read the full piece →Why currency mismatch, not weak underwriting, is the binding constraint on mobilizing private capital into African markets, and how TCX and local-currency bonds are responding.
Read the full piece →A project finance case study on why lenders and sponsors are underwriting the same model for two different answers, and why the coverage ratio matters more than the return.
Read the full piece →Why collateral and contract design carry more underwriting signal than credit history in thin-file markets, and what that means for lenders extending credit in Africa.
Read the full piece →