African institutions and global credit rating agencies have reaffirmed their commitment to building a fairer and more transparent credit rating system for Africa, during a high-level dialogue held on the sidelines of the IMF–World Bank Spring Meetings.
The event, organized by the African Union’s APRM, UNDP, UNECA, AFRI Catalyst, and ACET, gathered financial experts, rating agencies, and policy leaders to address longstanding concerns over bias, opacity, and underrepresentation in the global credit rating landscape.
UN Economic Commission for Africa (UNCA)’s Executive Secretary, Amb. Claver Gatete, emphasized Africa’s paradox of high GDP yet low credit ratings, calling for reform to unlock capital and support sustainable development. UNDP’s Chief Economist, Dr. Raymond Gilpin, advocated for a development-focused approach that strengthens institutions and data systems.
Proposals included the creation of an African Credit Rating Agency (AfCRA) to complement global agencies like Moody’s, S&P, and Fitch, and to provide more context-sensitive ratings.
Speakers from S&P, Moody’s, and Bank of America agreed on the need to address market misconceptions and enhance collaboration with African stakeholders.
AFRI Catalyst CEO Dr. Daouda Sembene highlighted the importance of African-led solutions to reshape global financial systems and ensure fairer capital access.
With South Africa chairing the G20 and the African Union holding permanent G20 membership, participants agreed that now is a critical moment to advance credit rating reform across the continent.
