Shaping Africa’s credit risk narrative beyond financial indicators

The African Peer Review Mechanism (APRM), in collaboration with the United Nations Development Programme (UNDP), the African Center for Economic Transformation (ACET), AfriCatalyst, the United Nations Economic Commission for Africa (ECA) and Development Reimagined convened a high-level side event titled "Beyond Financial Indicators: The Narrative Premium in African Credit Risk" on 14 April 2026 in Washington DC on the margins of the IMF-World Bank Spring Meetings 2026

The event brought together distinguished policymakers, financial experts, development partners, and private sector leaders to examine how perceptions, narratives, and non-financial factors influence sovereign risk and cost of capital in Africa.

The session featured insightful contributions from a distinguished panel of speakers, including Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa at UNDP; Stephen Karingi, Director of the Macroeconomics Division at the Economic Commission for Africa;. Babajide Sodipo, Acting Executive Secretary of the Alliance of African Multilateral Financial Institutions (AAMFI); Felix Nkulukusa, Secretary to the Treasury at the Ministry of Finance of Zambia; James Wiemken, Head of Global Ratings Services at S&P Global Ratings; Hannah Wanjie Ryder, Chief Executive Officer of Development Reimagined; and Corneille Karekezi, Chairperson of the AAMFI Governing Council and Managing Director & CEO of the African Reinsurance Corporation.

Discussions highlighted the growing recognition that creditworthiness is not determined solely by macroeconomic fundamentals, but is also shaped by qualitative dimensions such as governance, institutional strength, policy credibility, and global market sentiment.

Participants underscored that persistent information asymmetries and entrenched risk perceptions continue to disadvantage African countries in international financial markets. These challenges often translate into higher borrowing costs and reduced fiscal space, despite notable progress in economic reforms and resilience across the continent.

The dialogue emphasized the importance of reframing Africa's credit narrative through improved data transparency, stronger communication strategies, and enhanced engagement with global rating agencies and investors. There was broad consensus on the need to complement traditional financial metrics with contextualized, forward-looking assessments that better reflect Africa's economic realities and growth potential.

The event further reinforced ongoing efforts toward the establishment of the Africa Credit Rating Agency (AfCRA), which aims to provide independent, credible, and Africa-focused credit assessments. AfCRA is expected to play a pivotal role in addressing structural biases and contributing to a more balanced and inclusive global financial ecosystem.

In closing, participants called for strengthened collaboration among African institutions, international partners, and the private sector to ensure that Africa's risk is accurately told and fairly assessed. Shaping the narrative is not merely a communications exercise, it is a strategic imperative for advancing sustainable development and improving access to affordable financing across the continent.

Joint Presa Release by: United Nations Development Programme (UNDP), the African Center for Economic Transformation (ACET), AfriCatalyst, the United Nations Economic Commission for Africa (ECA) and Development Reimagined

Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: [email protected]