{"id":8719,"date":"2026-01-07T11:52:36","date_gmt":"2026-01-07T11:52:36","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=8719"},"modified":"2026-01-07T11:55:39","modified_gmt":"2026-01-07T11:55:39","slug":"monnaie-nationale-lafrique-du-sud-demonte-un-mythe-africain","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=8719","title":{"rendered":"MONNAIE NATIONALE : L’AFRIQUE DU SUD DEMONTE UN MYTHE AFRICAIN"},"content":{"rendered":"

L\u2019Afrique du Sud, premi\u00e8re \u00e9conomie industrialis\u00e9e du continent et dot\u00e9e de sa propre monnaie nationale, le rand, a lev\u00e9 3,5 milliards de dollars sur les march\u00e9s obligataires internationaux le 5 janvier 2026. Cette op\u00e9ration, pass\u00e9e presque inaper\u00e7ue dans le d\u00e9bat public africain, apporte pourtant un \u00e9clairage essentiel sur la r\u00e9alit\u00e9 du financement des \u00c9tats.<\/strong><\/p>\n

L\u2019emprunt a \u00e9t\u00e9 structur\u00e9 en deux tranches : 1,75 milliard de dollars \u00e0 12 ans, avec un taux d\u2019environ 6,1 %, et 1,75 milliard de dollars \u00e0 30 ans, \u00e0 un taux proche de 7,2 %. Les obligations, libell\u00e9es en dollars, ont \u00e9t\u00e9 largement souscrites par des investisseurs internationaux. Les ressources mobilis\u00e9es serviront principalement \u00e0 refinancer la dette existante, couvrir le d\u00e9ficit budg\u00e9taire et allonger la maturit\u00e9 de la dette publique.<\/p>\n

Ce cas sud-africain d\u00e9monte un mythe tr\u00e8s r\u00e9pandu en Afrique : avoir une monnaie nationale ne dispense pas du recours au financement ext\u00e9rieur. Aucun Etat africain ne peut se financer durablement uniquement sur son march\u00e9 int\u00e9rieur ou par cr\u00e9ation mon\u00e9taire sans en payer le prix. Une sollicitation excessive du march\u00e9 domestique fait monter les taux d\u2019int\u00e9r\u00eat et p\u00e9nalise le cr\u00e9dit au secteur priv\u00e9.<\/p>\n

Quant \u00e0 la planche \u00e0 billets, elle alimente l\u2019inflation, provoque la d\u00e9pr\u00e9ciation de la monnaie et aggrave les d\u00e9s\u00e9quilibres ext\u00e9rieurs.<\/p>\n

M\u00eame avec une monnaie souveraine, les devises fortes restent indispensables pour financer les importations strat\u00e9giques, honorer la dette ext\u00e9rieure et pr\u00e9server l\u2019\u00e9quilibre de la balance des paiements. C\u2019est pourquoi les \u00e9conomies s\u00e9rieuses diversifient leurs sources de financement entre march\u00e9s domestiques et march\u00e9s internationaux.<\/p>\n

Monnaie nationale ou communautaire (FCFA), le v\u00e9ritable enjeu n\u2019est pas la monnaie en elle-m\u00eame, mais la discipline budg\u00e9taire, la cr\u00e9dibilit\u00e9 macro\u00e9conomique et la qualit\u00e9 de la gestion de la dette publique.<\/p>\n

Pr Amath Ndiaye<\/strong><\/p>\n

FASEG-UCAD<\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

L\u2019Afrique du Sud, premi\u00e8re \u00e9conomie industrialis\u00e9e du continent et dot\u00e9e de sa propre monnaie nationale, le rand, a lev\u00e9 3,5 milliards de dollars sur les…<\/p>\n","protected":false},"author":1,"featured_media":8720,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-8719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","wpcat-15-id"],"yoast_head":"\nMONNAIE NATIONALE : L'AFRIQUE DU SUD DEMONTE UN MYTHE AFRICAIN - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=8719\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MONNAIE NATIONALE : L'AFRIQUE DU SUD DEMONTE UN MYTHE AFRICAIN - 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