Kenya Advances Investment-Grade Ambition at Inaugural Sovereign Credit Ratings Retreat

Mombasa, 12 March 2026 – Kenya’s efforts to achieve investment-grade status gained renewed momentum this week during the Inaugural Inter-Agency Retreat on Sovereign Credit Ratings, held in the port city of Mombasa.

The retreat brought together senior government officials, development partners, and technical experts to strengthen national coordination and deepen Kenya’s engagement with global credit rating agencies. The meeting was convened under the United Nations Development Programme’s Africa Credit Ratings Initiative, in partnership with the National Treasury and Economic Planning of the Government of Kenya and AfriCatalyst.

The retreat builds on the work of the Inter-Agency Technical Working Committee on Sovereign Credit Ratings, established in October 2025 during the Kenya National Workshop on Sovereign Credit Ratings. The committee was created to improve coordination across government institutions and support more structured engagement with credit rating agencies as part of Kenya’s efforts to strengthen its sovereign credit profile.

Kenya has recently recorded positive momentum, including a sovereign rating upgrade and the assignment of a stable outlook, signaling renewed confidence from global investors. These developments reflect progress in strengthening fiscal management, improving economic data systems, and enhancing coordination across government institutions.

Speaking during the forum, Mr. Raphael Owino Otieno, Director General of the Public Debt Management Office at the National Treasury, emphasized the role of the Interagency Committee in strengthening Kenya’s engagement with credit rating agencies.

“The establishment of the Interagency Committee provides an important platform for ensuring Kenya communicates a clear and evidence-based narrative to credit rating agencies and investors. This coordinated approach will be critical as we work to further strengthen Kenya’s sovereign credit profile,” he said.

Mr. Ndiritu Muriithi, Chairman of the Kenya Revenue Authority (KRA), also highlighted the importance of sustained reforms and institutional coordination.

 “Achieving investment-grade status requires sustained fiscal discipline, strong institutions, and credible engagement with international markets. Kenya is already making meaningful progress in strengthening coordination across government and improving the quality and transparency of economic data, steps that will be critical in ensuring that the country’s progress is accurately reflected in its sovereign credit ratings.”

Deliberations touched on several operational priorities, including developing a national strategy for engaging credit rating agencies, improving the availability and harmonization of data across institutions, ensuring consistent messaging in engagements with investors and rating agencies, and identifying the resources and technical capacities required to support the process.

Participants also examined global best practices from countries that have successfully strengthened their sovereign credit profiles. The experiences of the Philippines and South Africa were highlighted as examples of how coordinated government engagement, credible reform signaling, and transparent communication with markets can strengthen investor confidence and improve sovereign ratings.

In his remarks, Dr. Raymond Gilpin, Chief Economist and Head of Strategy, Analysis, and Research at UNDP Africa, emphasized the significance of investment-grade status for Kenya’s development trajectory. “Achieving investment‑grade status for Kenya is about much more than lowering borrowing costs, it is a signal of national credibility, institutional strength, and long-term economic resilience,” he said. 

Dr. Gilpin further highlighted the role of development partners in supporting Kenya to build the technical expertise required to engage more effectively with credit rating agencies. “The objective of this workshop is to develop a clear roadmap outlining the actions, responsibilities, and resources required to support Kenya’s progress toward investment grade,” he added.

Over the coming days, the committee is expected to advance work on Kenya’s Investment Grade Roadmap (2026–2028), outlining strategic reforms, policy priorities, and a strengthened coordination framework. The retreat will also support the consolidation of committee structures, the development of an operational calendar defining reporting timelines and coordination mechanisms, and the adoption of key outcomes to guide Kenya’s continued progress toward stronger sovereign credit ratings.