{"id":2144,"date":"2025-05-23T01:21:24","date_gmt":"2025-05-23T01:21:24","guid":{"rendered":"https:\/\/africatalyst.com\/?p=2144"},"modified":"2025-05-23T01:22:48","modified_gmt":"2025-05-23T01:22:48","slug":"africa-must-rethink-credit-ratings-to-unlock-domestic-financing","status":"publish","type":"post","link":"https:\/\/africatalyst.com\/credit-ratings\/?p=2144","title":{"rendered":"Africa must rethink credit ratings to unlock domestic financing"},"content":{"rendered":"\n

Cape Town, 21 May 2025<\/strong> – Unlocking domestic financing in Africa will remain difficult without
a fundamental shift in how credit ratings are applied to African economies. That was the core
message from government officials, economists, and policy experts at the opening of the Africa
Annual Credit Ratings Conference, held under the theme: \u201cUnlocking Domestic Financing
through Credit Ratings.\u201d<\/p>\n\n\n\n


Speakers argued that meaningful access to African capital via pension funds, local bond markets,
and public investment requires fairer, more transparent credit assessments that reflect the
continent\u2019s development priorities and structural progress.<\/p>\n\n\n\n


Ambassador Marie-Antoinette Rose Quatre, CEO of the African Peer Review Mechanism
(APRM)<\/strong>, said the continent remains underrepresented and often misjudged by dominant global
credit rating agencies. Twenty-two African countries, almost 40 percent of the continent, still
lack any sovereign credit rating, and fewer than 10 percent of corporates and public institutions
are rated.<\/p>\n\n\n\n


\u201cCredit ratings are no longer a peripheral matter on our continent. They sit at the heart of
Africa\u2019s economic and developmental aspirations,\u201d she said. \u201cThis gap is not merely statistical. It
is a direct barrier to Africa\u2019s economic transformation and financial independence.\u201d<\/p>\n\n\n\n


Zuzana Schwidrowski, Director of Macroeconomics, Finance and Governance at the United
Nations Economic Commission for Africa (ECA)<\/strong>, said that low or absent ratings continue to
raise borrowing costs and shrink fiscal space, even for countries that have implemented strong
reforms.<\/p>\n\n\n\n


\u201cAfrica\u2019s development should not be held hostage by narrow perceptions of risk,\u201d she said,
adding that \u201cimproving sovereign and sub sovereign credit ratings is not just about better access
to capital markets. It is about building confidence, promoting fiscal responsibility, and unlocking
the vast potential of domestic resource mobilization.\u201d<\/p>\n\n\n\n

Ms Schwidrowski pointed out that ECA is supporting countries to improve debt data systems,
strengthen fiscal risk management, and issue local currency bonds to reduce reliance on external
debt.<\/p>\n\n\n\n


Patrick Sokhela, Acting Deputy Director-General at South Africa\u2019s Department of Public Service
and Administration<\/strong>, focused on the importance of creating African-owned solutions. He
emphasized that the Africa Credit Rating Agency (AfCRA), backed by the African Union, must
not replicate the practices of the dominant international firms.<\/p>\n\n\n\n


\u201cAfrican countries are facing several challenges in their dealings with the \u2018big three\u2019 dominant
international credit rating agencies\u2026 including inaccuracies, biases, and exaggerated negative
risk perceptions,\u201d he said.<\/p>\n\n\n\n

Mr Sokhela stressed that AfCRA must be guided by the principles of good governance and
democracy, as outlined in the APRM Statute, and operate through a developmental lens rooted in
Africa\u2019s Agenda 2063.<\/p>\n\n\n\n


Daouda Sembene, CEO of Africatalyst<\/strong>, also addressed concerns over long-standing rating issues,
noting that poor transparency and outdated perceptions continue to hurt Africa\u2019s ability to
finance growth.<\/p>\n\n\n\n


\u201cFor too long, Africa\u2019s development potential has been undermined by weak credit ratings,
limited transparency in sovereign credit risk assessment, and exaggerated risk perceptions,\u201d he
said. \u201cThese challenges have translated into high borrowing costs, constraining public and
private investment, and limiting African countries\u2019 ability to respond to the needs of their
people.\u201d<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n


Delivering the keynote, Sunil Benimadhu, CEO of the Stock Exchange of Mauritius<\/strong>, said that
building a sustainable financing ecosystem requires credit ratings that help reduce uncertainty,
enable better risk pricing, and support long-term capital flows.
\u201cCredit ratings are not merely symbols. They are systems. They shape behavior. They shape
pricing. And they shape capital flows,\u201d he said.<\/p>\n\n\n\n


Mr Benimadhu cited examples where African countries that developed local rating capacity, such
as C\u00f4te d\u2019Ivoire, Nigeria, and Mauritius, were able to tap domestic capital markets more
effectively, lower interest costs, and attract pension fund investment.<\/p>\n\n\n\n


The two-day conference is co-hosted by APRM, UNECA, UNDP Africa, and Africatalyst.<\/strong> It
brings together government officials, regulators, development finance institutions, credit rating
agencies, and private investors to explore how Africa can shape a more credible, equitable credit
rating framework in line with its development goals.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cape Town, 21 May 2025 – Unlocking domestic financing in Africa will remain difficult withouta fundamental shift in how credit ratings are applied to African economies. 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