NAIROBI (Reuters) -Borrowing costs for governments and businesses in South Africa, Nigeria and Kenya have risen in the last five years due to policy weaknesses, unfavourable market conditions and inflation, according to a study by Moody’s Ratings published on Monday.

Although economies in the region face ever-rising funding needs to keep development and growth on track, they have to contend with high interest rates compared with their advanced counterparts, which is compounded by limited sources of capital.

“Borrowing costs are high across the board,” Moody’s Senior Vice President Lucie Villa said in the report based on a study of credit conditions in the three markets.

“Debt costs for banks, non-financial companies and sovereigns have increased in all three markets alongside higher pol

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