Refinitiv today released the 2020 investment banking analysis for the sub-Saharan African region. According to the report, an estimated $523.7 million worth of investment banking fees were earned in sub-Saharan Africa during 2020, down 15% from 2019 and the lowest annual total in six years.

Fee declines were recorded across M&A advisory, debt capital markets underwriting, and syndicated lending. Advisory fees earned from completed M&A transactions generated $108.3 million, down...