New York, 13 February 2026 -- The United Nations Development Programme (UNDP) concluded two days of consultations in New York on 11 and 12 February with government officials, credit rating experts, development partners, and diplomatic representatives to strengthen collective action on improving access to affordable capital in Africa.

The UNDP Concilium of sovereign credit rating experts held technical discussions with representatives from the three global credit rating agencies, Moody's, S&P, and Fitch Ratings; several UN entities, UNDP country and thematic teams; and implementing partners of the initiative. The discussions concluded with a diplomatic briefing for African Permanent Representatives to the UN.

Launched in 2024, the Africa Credit Ratings Initiative is structured around three core elements: the Africa Credit Ratings Resource Platform, which supports institutional readiness through access to tools and guidance; the Concilium, which provides technical expertise and advisory support; and a community of practice that facilitates ongoing knowledge exchange and peer learning among participating countries and partners.

UNDP's engagement with sovereign credit ratings in Africa dates back to 2002, when it partnered with S&P to support African countries in obtaining their first sovereign ratings. Since launching the current initiative, UNDP has supported more than 260 government officials from 18 African countries through capacity building workshops, with demand-driven tailored technical support provided in a limited number of countries.

Discussions highlighted the importance of country ownership, improved technical understanding, and sustained and coordinated engagement with credit rating agencies. Participants noted the role of UNDP country offices and government co-financing in supporting continuity, while credit rating agency representatives provided positive feedback on UNDP’s role in helping governments better understand rating criteria and processes.

In a welcome video address, Ahunna Eziakonwa, UN Assistant Secretary-General, UNDP Assistant Administrator and Regional Director for Africa, emphasized that sovereign credit ratings determine not just whether countries can borrow, but at what cost and how much, fundamentally shaping national budgets and long-term investment capacity. “At UNDP, we view sovereign credit ratings as a financing for development imperative, and a key driver for advancing the UN Sustainable Development Goals and the African Union’s Agenda 2063. When managed strategically, they can become instruments of development transformation,” she stated. “Feedback on the initiative has been very positive, and demand continues to grow, with several countries requesting support for 2026.”

His Excellency Tomohiro Mikanagi, Deputy Permanent Representative of Japan to the United Nations, highlighted Japan's commitment to supporting African countries through the Tokyo International Conference on African Development (TICAD) process. "The recent improvements in sovereign credit ratings observed in Ghana in 2025 and Kenya in 2026 are welcome developments, reflecting the sustained policy efforts undertaken by these countries. The Government of Japan highly values UNDP’s efforts in strengthening sovereign credit rating capacities in African countries and remains committed to continuing its support,” he stated.

Over 15 African Permanent Missions to the UN commended the initiative and called for more support for strengthening credit rating capacities. Similar perspectives were echoed by Mr. Agnero Bosman, Director of Strategy and Reporting at the Ministry of Finance in Côte d’Ivoire, who joined the discussions virtually and has been engaging closely with the initiative since 2025.

In the past year, Ghana, Kenya, and Côte d'Ivoire have received sovereign ratings upgrades, underscoring the importance of sustained engagement with credit rating agencies. Most recently, in January 2026, Moody's upgraded Kenya's long-term foreign currency sovereign rating from Caa1 to B3, reflecting improved liquidity conditions and reduced near-term default risk.

"For Kenya, sovereign credit ratings are a real determinant of the cost of public financing and therefore of our ability to invest in infrastructure, expand social protection, deliver services, and sustain economic transformation," said Mr. Daniel Ndolo, Director of Debt Policy, Strategy and Risk Management at Kenya's National Treasury, in a video message. “Looking ahead, Kenya is focused on operationalizing a structured and sustainable framework for engagement with credit rating agencies. We look forward to continued collaboration and shared learning across the continent.”

In 2026, the initiative will expand support to additional countries, both rated and unrated, through a range of demand-driven services including shadow rating analyses, pre-review trainings, needs assessments, and other forms of technical assistance. A new focus on domestic credit ratings will also be introduced, reflecting the importance of strengthening linkages between sovereign and domestic capital markets.

The initiative is supported by the Government of Japan and implemented in partnership with the African Union’s African Peer Review Mechanism, the United Nations Economic Commission for Africa, the African Center for Economic Transformation, and AfriCatalyst. Also participating in the consultations were the United Nations Conference on Trade and Development, the UN Office of the Special Adviser on Africa, the United Nations Capital Development Fund, the United Nations Department of Economic and Social Affairs, and the UN Office on South-South Cooperation.