The end of the era of cheap money need not spell disaster for African governments looking to raise money at affordable levels. While an eventual scaling back of the Fed’s $85 billion-a-month bond-buying programme will spark a reshuffling in investors’ portfolios, it will not shut African governments out of the international debt market altogether.

But as investors adjust for a world with less stimulus, African governments will not be able to entice them with high yields alone, according to bankers meeting this week at a conference organised by Thomson Reuters news and markets information service IFR.

Alex von Sponeck, head of CEEMEA debt origination at Bank of America Merrill Lynch, said:

 We had a very frothy four to five months at the start of the year…but investors have become a lot pickier.

Investors are increasingly looking at the economic fundamentals of countries before investing in African sovereign bonds.