About the Africa Credit Ratings Initiative

Over the last few decades, the financing landscape in Africa has undergone a significant transformation. Many countries have shifted from depending on Official Development Assistance (ODA) to tapping global capital markets, often facing high interest costs due to their low sovereign credit ratings. In 2024, the UNDP Regional Bureau for Africa, in collaboration with AfriCatalyst and with support from the Government of Japan, launched the Africa Credit Ratings Initiative, aimed at strengthening African countries’ capacity to navigate the credit ratings process, and thereby boosting credit ratings to ease access to more affordable capital. The initiative revolves around three main components:

• a web-based resource platform that offers valuable data, research and methodologies.
• a Concilium of expert advisors providing technical support directly to African governments; and
• a community of practice that encourages knowledge sharing and collaboration among policymakers.

The goal is to close information gaps, bolster institutional capacity, and empower African governments to craft compelling narratives about their creditworthiness for fairer evaluations and improved access to affordable development financing.