LocationsBuilding a Sustainable Investment Environment and Advancing Development Finance
[TICAD9 High-Level Thematic Event]: Credit Rating in Africa
July 16, 2025
Event Details
August 22, 2025
10:00-11:30 (Japan Standard Time)
In-person: PACIFICO Yokohama Exhibition Hall D / Online: Zoom webinar
Event Overview
This event will discuss the challenges of unjustifiably low sovereign credit ratings faced by African countries and their impact on development financing. In particular, we will examine from multiple perspectives the importance of data-driven, objective, and transparent assessments, the efforts of UNDP's "Africa Credit Ratings Initiative," and concrete measures for African countries to secure sustainable financing at lower interest rates, incorporating expert insights.
Background
In the early 1990s, traditional Official Development Assistance (ODA) accounted for approximately two-thirds of Africa's external financing. However, by 2022, this proportion had decreased to less than one-third, forcing African countries to rely on commercial financing. Due to low credit ratings, the cost of accessing this commercial capital has soared, making development financing even more difficult.
To address these challenges, UNDP has launched the "Africa Credit Ratings Initiative," aiming to enable African countries to secure financing at lower interest rates and promote capital inflows.
Impact of Credit Ratings on Development
Credit ratings directly affect each country's financing conditions. Inappropriate assessments lead to higher borrowing rates and shorter payment periods, limiting investment opportunities in critical areas such as infrastructure development, healthcare system enhancement, and educational environment improvement.
Need for Data-Based Objective Assessment
According to UNDP's research study "Lowering the Cost of Borrowing" (2023), information gaps in credit rating agencies' assessments of African countries can sometimes lead to evaluations lacking objectivity. This challenge is estimated to result in economic opportunity losses of approximately $75 billion annually across African countries.
Event Details
Title:
[TICAD9 High-Level Thematic Event]: Credit Rating in Africa
Building a Sustainable Investment Environment and Advancing Development Finance
Date and Time: Friday, August 22, 2025, 10:00-11:30 (Japan Standard Time)
Format: Hybrid
- In-person venue: PACIFICO Yokohama Exhibition Hall D
- Online streaming: Zoom
Languages: Japanese, English, French (simultaneous interpretation service available)
Co-organizers: United Nations Development Programme (UNDP), AfriCatalyst
Participation Fee: Free
Registration Links:
In-person participation:
Online participation:
https://undp.zoom.us/webinar/register/WN_D7PAHL7tQH2gycIMA_ucHA
Program
Moderator: Folly Bah Thibault (Journalist and Education Advocate)
| Time | Content |
| 10:00-10:05 | Opening Remarks: Ahunna Eziakonwa, UN ASG/UNDP Regional Director for Africa |
| 10:05-10:10 | Video Presentation on Brief Report Findings: Overview of the credit rating challenges |
| 10:10-10:40 | Fire-side Chat: Showcase the efforts and challenges faced by African nations in improving their credit ratings
|
| 10:40-11:25 | Panel Discussion: Discuss how credit ratings can be improved and share the potential impact of enhanced ratings
|
| 11:25-11:30 | Closing Remarks: Raymond Gilpin, Chief Economist and Head of Strategy, Analysis and Research Team, UNDP |
Speaker Profiles
Moderator
Folly Bah Thibault
Journalist and Education Advocate
French-Guinean journalist and principal presenter for Al Jazeera English based in Doha. Moderated numerous special programs under Al Jazeera’s mission of “giving voice to the voiceless,” including the first-ever UN Secretary-General candidate debate, the Nobel Peace Prize Interview in Oslo, and U.S. election coverage. Interviewed global leaders and newsmakers on Talk to Al Jazeera, including Kenyan President Uhuru Kenyatta and French politician Marine Le Pen. Fluent in four languages. Holds a Master’s degree in International Communication from Columbia University.
Opening Remarks
Ahunna Eziakonwa
UN ASG / UNDP Director of the Regional Bureau for Africa
Appointed UNDP Assistant Administrator and Regional Director for Africa in 2018, leading support for 46 African countries in advancing Agenda 2030 and the SDGs. Former UNDP Resident Representative and Humanitarian Coordinator in Ethiopia, and UN Resident Coordinator and UNDP Resident Representative in Uganda and Lesotho. Served as Director for Africa at UNOCHA, overseeing more than 15 country operations. Prior to joining the UN, held senior roles in African civil society organizations. Holds a Master’s degree in International Relations from Columbia University, with a focus on Africa’s economic and political development.
Fire-side Chat
Romuald Wadagni
Minister of Economy and Finance, Republic of Benin
Appointed Minister of Economy and Finance in 2016 and reappointed in 2021 under President Patrice Talon’s administration. Leads reforms focused on transparent, proactive, and innovative public financial management, as well as business environment improvement and private sector resilience. As Chairman of the WAEMU Finance Ministers’ Statutory Council, led negotiations with France and signed the 2019 agreement to end the CFA franc in West Africa. Previously served as Managing Director and Partner at Deloitte in France and the U.S., where he led the establishment of a new office in the Democratic Republic of Congo.
Ismael Nabe
Minister of Planning and International Cooperation, Republic of Guinea
Ismael Nabe began his role as Minister of Planning and International Cooperation in 2024. In this role, he leads Guinea's international partnerships and economic development initiatives. Prior to this post, Mr. Nabe served as senior advisor to four Prime Ministers of Guinea, focusing on public-private partnerships and investment strategies. He co-founded and served as Vice President of MAPE (Malaysian African Professionals & Entrepreneurs), strengthening economic ties between Malaysia, ASEAN, Asia, and Africa. He serves on advisory boards including MAPE, PEREIRA International, and the Confederation of African SMEs. Before entering government, Mr. Nabe held senior positions with international financial institutions including the African Development Bank, Islamic Development Bank, and ECOWAS Bank for Investment and Development. Mr. Nabe holds an MBA and a Master's degree in Telecommunications from the University of Malaya.
Panel Discussion
Satoshi Nakagawa
Director, Double Feather Partners
Specialist in macroeconomic analysis, country risk assessment, and corporate credit evaluation for emerging markets. Serves as Chairman of the Association of Credit Rating Agencies in Asia (ACRAA) and has long been involved in managing Asian and emerging market institutions. Part-time lecturer at Hitotsubashi University in Tokyo. Previous roles include positions at Japan Bank for International Cooperation (JBIC), Japan’s Ministry of Finance, ASEAN+3 Macroeconomic Research Office (AMRO) in Singapore, Japan Credit Rating Agency, and the International House of Japan/Asia Pacific Initiative. Graduate of Keio University with a Master’s in Development Studies from Cambridge University.
Soraya Diallo
Senior Vice President, Bloomfield Investment
Soraya Diallo began her role as Senior Vice President and Director at Bloomfield Investment Corporation in 2014. In this role, she oversees financial rating activities, assists clients with IFRS implementation and financial reporting for multinational companies, and provides recommendations to improve organizations' accounting practices and control systems. Prior to this post, Ms. Diallo served as Audit Manager at UNICONSEIL from 2011 to 2014, and as Audit Senior at Crowe Horwath International from 2004 to 2010. She has over ten years of experience in audit, accounting, and financial planning across various sectors in Côte d'Ivoire and Africa. Ms. Diallo holds an Engineering degree in Finance and Management from Rabat School of Advanced Commercial Studies.
Daouda Sembene
Panel Discussion - CEO, AfriCatalyst
Founder and CEO of AfriCatalyst, a global development advisory firm based in Senegal. Honorary Visiting Fellow at the Center for Global Development (CGD) in Washington, D.C. Former Executive Director at the International Monetary Fund (IMF), representing 23 African countries and serving on key committees focused on fragile states, gender diversity, and small state issues. Later served as Senior Economic Advisor to the President of Senegal. Provided expert testimony before the U.S. Congress and consulting services to the IMF, World Bank, UN, and G20. Holds a PhD in Development Economics from American University.
Closing Remarks
Raymond Gilpin
UNDP Africa Bureau Chief Economist
Chief Economist at the UNDP Africa Regional Bureau in New York, leading economic analysis, strategy, research, and economist networks across the continent. Former Dean at the Africa Center for Strategic Studies in Washington, D.C., and Director of Economics at the United States Institute of Peace. Previous experience includes roles at the African Development Bank, World Bank, and the Central Bank of Sierra Leone. Named to the Martin Luther King Scholar Honor Roll at Morehouse College in 2015. Holds a PhD in Development Economics from Cambridge University.
Contact Information
United Nations Development Programme (UNDP)
Yutaro Ito
yutaro.ito@undp.org
