Washington, DC, 20 April 2025 - On the sidelines of the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank, a high-level side event titled Developing the Credit Rating Ecosystem in Africa will be hosted by the African Union –African Peer Review Mechanism (APRM), United Nations Development Programme (UNDP), United Nations Economic Commission for Africa (ECA), AfriCatalyst and the Open Society Foundations.
This event comes at a critical time when African economies face mounting credit rating challenges, including perceptions of bias, lack of transparency and inconsistencies in rating methodologies. With more than thirty African countries subject to sovereign credit ratings, the decisions of global rating agencies significantly impact debt sustainability and access to international financial markets. Against a backdrop of rising sovereign defaults and constrained fiscal space, this dialogue aims to discuss on urgent reforms in Africa’s credit rating framework.
A major highlight of the discussions will be the broader efforts to enhance Africa’s financial sovereignty and strengthen the continent’s voice in the global financial system, particularly as South Africa hosts the G20 in 2025 and the AU assumes its role as a permanent G20 member.
The event will convene high-level policymakers, financial institutions, investors, and development partners to explore solutions for enhancing transparency, engagement with global rating agencies, and strengthening Africa’s financial architecture. Discussions will also highlight ongoing establishment of the Africa Credit Rating Agency (AfCRA) spearheaded by the APRM and UNECA, the credit ratings capacity-building initiatives led by UNDP and AfriCatalyst.
This event underscores Africa’s commitment to building a robust and independent credit rating ecosystem that fosters economic resilience, mobilizes financing, and promotes sustainable development across the continent.
Date: 23 April 2025
Venue: Open Society Foundations, 1730 Pennsylvania Avenue, NW 7th Floor, Washington, DC 20006
Time: 12:30hrs to 14:30hrs (GMT -4)
Contacts:
Bineta Pouye: bpouye@africatalyst.com
Michelle Mendi Muita: michellemendi.muita@undp.org
Ejigayhu Tefera: ejigayhu.tefera@aprm-au.org
Jean-Marc Kilolo: jean-marc.kilolo@un.org
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org