Abidjan, Côte d'Ivoire — The United Nations Development Programme (UNDP), in collaboration with AfriCatalyst, the African Center for Economic Transformation (ACET), the United Nations Economic Commission for Africa (UNECA), and the African Peer Review Mechanism (APRM), with support from the Government of Japan, concluded a three-day regional workshop (June 10–12, 2025) focused on enhancing sovereign credit ratings and improving access to international capital markets for West African nations.

A UNDP 2023 study estimates that African countries could collectively save up to $74.5 billion if credit ratings were based on less subjective assessments—savings that could be redirected toward critical sectors like healthcare, education, and infrastructure.

Amid increasing debt servicing burdens and persistently high interest rates across the continent, over 40 senior officials from West African Ministries of Finance, Central Banks, and Statistics Offices gathered in Abidjan under the theme "Strengthening Sovereign Credit Ratings". The workshop, organised under the UNDP Africa Credit Rating Initiative, aimed to demystify credit rating processes and develop effective national and regional strategies for engaging with rating agencies.

Representing H.E Adama Coulibaly, Minister of Finance of Côte d’Ivoire, Mr. Vassogbo Bamba, Deputy Chief of Cabinet, stated: “For developing countries, especially in West Africa, a strong sovereign credit rating should lead to lower borrowing costs, increased foreign investment, and improved access to finance. The goal of this strategy is to create a fair, transparent, and regionally coordinated response that reshapes market perceptions and strengthens our collective economic standing.”

During the opening ceremony, Ms. Blerta Cela, UNDP Resident Representative in Côte d’Ivoire, emphasized: “A poor credit rating is not just a score — it’s the cost of a school unbuilt or a hospital not fully equipped. That’s why it is important for us to take control of the narrative, demonstrate our commitment to transparency and sound macroeconomic management, and unlock Africa’s financial potential.”

Mr. Gustave Diasso, Resident Representative of the West African Economic and Monetary Union (WAEMU), added: “West Africa is today the second most dynamic region in Africa, with a projected growth rate of 4.3% in 2025. Despite this opportunity, persistent negative stereotypes continue to portray the region as high-risk. This consultation offers an essential platform to share experiences, build capacity, and strengthen regional coordination in engaging with credit rating agencies.”

Dr. Daouda Sembene, Founder and CEO of AfriCatalyst, noted: “Africa must access capital markets — not just to grow, but to do so fairly and sustainably. Credit ratings must reflect our true economic fundamentals, because they directly impact our governments' ability to meet social needs, invest in infrastructure, and achieve the SDGs.”

Participants engaged in technical sessions with the UNDP Concilium, an expert advisory group of former credit analysts from Moody’s, S&P, and Fitch, gaining hands-on insights into rating methodologies, risk assessments, and communication strategies. The consultation also advanced collaboration between public institutions and technical partners toward building long-term, resilient financial frameworks.

For interviews, expert commentary, or more information, please contact:
Maggie Mutesi, Jacob Assa, or Tumba Tshimanga on:

Maggie Mutesi: maggie@mansamedia.africa   
Jacob Assa: jacob.assa@undp.org
Tumba Tshimanga: ttshimanga@acetforafrica.org