**Table 16: QFD impact at various increments of devaluation against the U.S. dollar**

|Devaluation against|Increas|e in QFD|(% of G|DP)||Base case QFD|Increas|e in QFD|(% of b|ase-cas|e QFD)|
|---|---|---|---|---|---|---|---|---|---|---|---|
|the U.S. dollar|10%|15%|20%|25%|30%|(% of GDP)|10%|15%|20%|25%|30%|
|São Tomé and Príncipe|0.6%|1.0%|1.3%|1.6%|1.9%|6.1%|11%|16%|21%|26%|32%|
|Gambia, The|0.6%|0.9%|1.2%|1.5%|1.8%|5.8%|10%|16%|21%|26%|31%|
|Seychelles|0.5%|0.7%|1.0%|1.2%|1.4%|-0.3%|-181%|-272%|-363%|-453%|-544%|
|Comoros|0.4%|0.7%|0.9%|1.1%|1.3%|4.1%|11%|16%|22%|27%|32%|
|South Africa|0.4%|0.6%|0.8%|1.0%|1.2%|3.4%|11%|17%|22%|28%|34%|
|Cape Verde|0.4%|0.6%|0.8%|0.9%|1.1%|1.6%|23%|35%|46%|58%|70%|
|Senegal|0.4%|0.5%|0.7%|0.9%|1.1%|2.2%|16%|24%|33%|41%|49%|
|Malawi|0.3%|0.5%|0.6%|0.8%|0.9%|2.5%|12%|18%|24%|31%|37%|
|Mauritius|0.2%|0.3%|0.5%|0.6%|0.7%|0.4%|54%|81%|108%|135%|163%|
|Burkina Faso|0.2%|0.3%|0.4%|0.6%|0.7%|1.0%|22%|33%|44%|55%|67%|
|Botswana|0.2%|0.3%|0.4%|0.5%|0.6%|3.4%|6%|10%|13%|16%|19%|
|Lesotho|0.2%|0.3%|0.4%|0.5%|0.6%|0.5%|41%|61%|81%|102%|122%|
|Mauritania|0.2%|0.3%|0.4%|0.5%|0.6%|1.5%|13%|19%|25%|32%|38%|
|Ethiopia|0.2%|0.3%|0.4%|0.5%|0.6%|1.7%|11%|17%|23%|29%|34%|
|Madagascar|0.2%|0.3%|0.4%|0.4%|0.5%|2.2%|8%|12%|16%|20%|24%|
|Sudan|0.2%|0.2%|0.3%|0.4%|0.5%|1.4%|11%|17%|23%|28%|34%|
|Guinea|0.1%|0.2%|0.3%|0.4%|0.4%|2.1%|7%|11%|14%|18%|21%|
|Kenya|0.1%|0.2%|0.3%|0.4%|0.4%|0.8%|19%|28%|38%|47%|57%|
|Swaziland|0.1%|0.2%|0.3%|0.4%|0.4%|1.2%|12%|18%|23%|29%|35%|
|Togo|0.1%|0.2%|0.3%|0.3%|0.4%|1.6%|9%|13%|17%|22%|26%|
|Mozambique|0.1%|0.2%|0.3%|0.3%|0.4%|0.9%|15%|22%|30%|37%|45%|
|Rwanda|0.1%|0.2%|0.3%|0.3%|0.4%|1.0%|13%|19%|26%|32%|39%|
|Zambia|0.1%|0.2%|0.3%|0.3%|0.4%|1.2%|10%|16%|21%|26%|31%|
|Mali|0.1%|0.2%|0.3%|0.3%|0.4%|1.3%|10%|15%|20%|25%|30%|
|Cameroon|0.1%|0.2%|0.3%|0.3%|0.4%|0.7%|19%|29%|38%|48%|57%|
|Burundi|0.1%|0.2%|0.2%|0.3%|0.3%|1.0%|11%|17%|22%|28%|34%|
|Côte d'Ivoire|0.1%|0.2%|0.2%|0.3%|0.3%|1.9%|5%|8%|11%|13%|16%|
|Sierra Leone|0.1%|0.1%|0.2%|0.2%|0.3%|0.9%|11%|16%|22%|27%|32%|
|Tanzania|0.1%|0.1%|0.2%|0.2%|0.3%|0.3%|33%|49%|65%|81%|98%|
|Gabon|0.1%|0.1%|0.2%|0.2%|0.2%|0.4%|22%|33%|44%|55%|66%|
|Congo, Rep.|0.1%|0.1%|0.1%|0.2%|0.2%|0.6%|13%|20%|27%|33%|40%|
|Niger|0.1%|0.1%|0.1%|0.2%|0.2%|0.5%|15%|23%|30%|38%|46%|
|Ghana|0.1%|0.1%|0.1%|0.1%|0.2%|0.5%|12%|18%|24%|30%|36%|
|Benin|0.1%|0.1%|0.1%|0.1%|0.2%|0.3%|18%|28%|37%|46%|55%|
|Central African Republic|0.0%|0.1%|0.1%|0.1%|0.1%|0.4%|12%|18%|24%|29%|35%|
|Uganda|0.0%|0.1%|0.1%|0.1%|0.1%|-0.1%|-47%|-71%|-95%|-118%|-142%|
|Nigeria|0.0%|0.0%|0.1%|0.1%|0.1%|0.5%|6%|8%|11%|14%|17%|
|Zimbabwe|0.0%|0.0%|0.0%|0.0%|0.0%|5.2%|0%|0%|0%|0%|0%|
|Liberia|0.0%|0.0%|0.0%|0.0%|0.0%|0.4%|0%|0%|0%|0%|0%|
|**_Median_**|**_0.1%_**|**_0.2%_**|**_0.3%_**|**_0.3%_**|**_0.4%_**||**_11.4%_**|**_17.1%_**|**_22.8%_**|**_28.5%_**|**_34.2%_**|

_Source_ : World Bank staff calculations.

# 8.4 Discount rate

Capex forms a significant portion of total costs of electricity supply, especially in countries with a high dependence on such capital-intensive generation sources as hydropower and coal. This section examines the impact of varying the discount rate from 3 percent to 14 percent on the QFDs (Table 17).

**Table 17: QFD at different real discount rates (% of current GDP)**

||**3%**|**6%**|**8%**|**10%**|**12%**|**14%**|
|---|---|---|---|---|---|---|
|Benin|0.00|0.11|0.20|**0.28**|0.37|0.46|
|Botswana|2.18|2.65|2.99|**3.35**|3.73|4.10|

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