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Kenya concludes landmark workshop on strengthening sovereign credit ratings
MOMBASA, KENYA – Kenya’s push to strengthen its sovereign credit ratings gained momentum this week as policymakers, development partners, and technical experts concluded a landmark national workshop on credit ratings, held in the port city Mombasa.
Organized by AfriCatalyst, in partnership with the United Nations Development Programme (UNDP), the African Peer Review Mechanism (APRM), the UN Economic Commission for Africa (UNECA), the African Center for Economic Transformation (ACET) and Government of Kenya he three-day forum focused on deepening Kenya’s understanding of credit rating methodologies and aligning national strategies for effective engagement with global rating agencies.
Macroeconomic stability and reform momentum
Cabinet Secretary for The National Treasury and Economic Planning, Kenya, John Mbadi linked the country’s sharp economic growth to recent fiscal and monetary reforms that have laid the foundation for stronger engagement with the credit rating agencies.
“The upgrade in Kenya’s credit rating demonstrates the tangible benefits of fairer assessments. It allows us to redirect scarce resources from debt servicing into critical priorities such as infrastructure, agriculture, and climate resilience,” he said.
CS Mbadi further noted that Kenya’s economy grew by 5% in Q2 2025, up from an average of 4.9% in 2024, and is projected to expand by 5.3% in 2026. Inflation eased to 4.6% in September 2025, while the Central Bank reduced its base rate to 9.5% in August 2025 from 13% the previous year, reflecting monetary stability. Additionally, the Kenyan shilling has remained stable at 128-130 to the U.S. dollar since January 2024.
In his note ahead of the workshop, AfriCatalyst CEO and President, Daouda Sembène applauded the Kenyan ministry of National Treasury and Economic planning noting that Kenya is taking control of its credit ratings narrative by cohosting this important workshop.
“Credit ratings have a direct impact on the cost of borrowing, and by strengthening institutional coordination and technical capacity, Kenya is taking control of its credit narrative. AfriCatalyst, through this initiative, is committed to supporting this effort, which will help to reduce borrowing costs and unlock greater access to affordable financing for sustainable development.” he said
AfriCatalyst’s strategic narrative building
A key highlight of the workshop was the session led by Kelvin Dalrymple, Programme Coordinator of the African Credit Ratings Initiative at AfriCatalyst and Concilium Advisor for the Initiative.Dalrymple stressed the importance of crafting a credible national credit rating narrative that reflects a country’s economic strengths, institutional reforms, and long-term ambitions.
“The narrative a country tells credit rating agencies is just as important as the data it shares. Ratings are not determined by numbers alone; they are shaped by credibility, consistency, and confidence,” he said.
Dalrymple outlined practical steps for governments to strengthen their credit rating engagement, including coordinating consistent messaging across institutions, transparently acknowledging both strengths and weaknesses, engaging rating agencies regularly rather than reactively, and anchoring communication in macroeconomic fundamentals, institutional reforms, and governance improvements.
“Your national credit rating strategy should not just be technical. It must be personal, deliberate, and forward-looking. This is your sovereign brand. Own it,” he urged participants.
During the workshop, partners also conducted scenario-based trainings and simulations, equipping stakeholders with practical tools for engagement. These sessions supported Kenya’s announcement of a Credit Rating Coordination Committee; a mechanism that is set to align inter-agency efforts and ensure cohesive engagement with rating agencies.
“AfriCatalyst is proud to support Kenya at this critical juncture,” said Dalrymple. “This is about creating fiscal space for classrooms, clinics, and climate action.”
About AfriCatalyst
AfriCatalyst is a global development advisory firm headquartered in Dakar, Senegal. It partners with governments, development institutions, and the private sector to address complex macroeconomic and financing challenges in Africa. Through the African Credit Ratings Initiative (AfCRA), AfriCatalyst supports African countries in securing fairer access to capital by improving sovereign creditworthiness and rating agency engagement.
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