UNECA’s Gatete Calls for Reform as Experts Push for African-Led Credit Rating Ecosystem

Claver Gatete, Executive Secretary of the United Nations Economic Commission for Africa (UNECA), has issued a strong call for reform of the global credit rating system, highlighting Africa’s “financing paradox” — a continent with a combined GDP exceeding $3 trillion, yet only two countries rated investment grade.

Gatete was speaking at a high-level dialogue convened on the sidelines of the 2025 IMF–World Bank Spring Meetings in Washington, where African institutions and global credit rating agencies reaffirmed their commitment to building a more transparent, fair, and inclusive credit rating ecosystem for Africa.

“Ultimately, a healthy credit rating ecosystem goes beyond evaluating risk – it becomes a platform for mobilizing capital, improving creditworthiness, and supporting Africa’s broader development goals,” Gatete said, setting the tone for the robust discussions that followed.

Organized by the African Union’s African Peer Review Mechanism (APRM), the United Nations Development Programme (UNDP), the United Nations Economic Commission for Africa (ECA), AfriCatalyst, and the African Center for Economic Transformation (ACET), the event brought together senior representatives from Moody’s, S&P Global Ratings, Bank of America, and leading African economists and policymakers.

The gathering was hosted by the Open Society Foundations and aimed to address deep-seated challenges in Africa’s credit rating landscape — a landscape marked by rising market volatility, mounting sovereign defaults, and narrowing fiscal space.

Raymond Gilpin, Chief Economist at UNDP Africa, speaking on behalf of Regional Director Ms. Ahunna Eziakonwa, emphasized the need for a new paradigm: “We must rethink how creditworthiness is defined and measured. A development-centric approach is essential to support governments in strengthening institutions, improving data systems, and reshaping the narrative around Africa’s creditworthiness.”

Experts pointed to a range of structural barriers, including data gaps, lack of transparency, and limited engagement between African governments and the ‘big three’ credit rating agencies — Moody’s, S&P, and Fitch.

Misheck Mutize, Lead Credit Rating Expert at APRM, alongside Zuzana Schwidrowski, Director of Macroeconomics, Governance and Finance at ECA, advocated for stronger mechanisms to challenge inaccurate or unfair credit ratings. They also proposed tangible steps toward the creation of an African Credit Rating Agency (AfCRA), which would provide a complementary, contextual perspective to global ratings.

The dialogue was notable for the participation of high-level representatives from the global financial sector. Roberto Sifon-Arevelo, Managing Director at S&P Global Ratings; Jorge Valez, Senior Vice President at Moody’s; and Tatonga Rusike, Chief Economist for Africa at Bank of America, acknowledged the enduring perception of bias and methodological opacity surrounding sovereign credit ratings in Africa.

They agreed on the importance of improved collaboration with African governments, increased transparency in rating criteria, and support for building local capacity. “Sovereign credit ratings are not the sole determinant of investor decisions, but they do heavily influence borrowing costs, market confidence, and access to capital,” said Rusike.

ACET President and CEO Mavis Owusu-Gyamfi called the initiative a crucial step toward balancing global financial assessments: “Given the ongoing stress African governments face related to cost and access to capital, it is critical that credit ratings reflect the diverse realities across the continent.”

Mutize clarified that the African Credit Rating Agency is not designed to favor African entities, but to enrich the ecosystem with more diverse and accurate perspectives. “Our priority is to build a credible, independent, and sustainable institution that contributes to developing domestic debt markets and rebalances Africa’s position in the global financial architecture,” he said.

AfriCatalyst CEO Daouda Sembene closed the dialogue by highlighting the urgency of African collaboration. “AfriCatalyst is proud to be at the heart of this conversation. We are optimistic that through deeper cooperation between African institutions and global agencies, we can foster a robust, representative credit rating system—one that empowers African nations and fuels sustainable growth.”

Key messages from the dialogue underscored the need for regular engagement among credit rating agencies, investors, and African governments; stronger institutional storytelling that reflects African resilience and reform; and investment in local capacity-building.

With South Africa chairing the G20 and the African Union assuming permanent membership in 2025, the call for an African-led solution to the credit rating challenge has gained new urgency. The outcomes of this dialogue are expected to feed into broader efforts to reform the global financial system and ensure that Africa’s capital serves Africa’s development.