Midrand – 20 June 2025 – The African Peer Review Mechanism (APRM) Continental Secretariat participated in a high-level workshop held from 10 to 12 June 2025, in Abidjan, Côte d’Ivoire under the theme: “Strengthening Sovereign Credit Ratings”. The workshop brought together over 40 senior officials from West African Ministries of Finance, Central Banks, and National Statistics Offices to address ways to improve sovereign credit ratings in the region. The three-day gathering was organised by the APRM, the United Nations Development Programme (UNDP), AfriCatalyst, the African Centre for Economic Transformation (ACET), and the United Nations Economic Commission for Africa (UNECA).
The workshop aimed to build regional capacity, promote transparency, and reshape global perceptions of West Africa’s economic landscape. As part of the discussions, participants explored actionable strategies for improving access to international capital markets, which could significantly lower borrowing costs and boost investor confidence in the region. A key highlight of the event was the release of a 2023 UNDP study, which revealed that African countries could save up to $74.5 billion annually if credit ratings were determined through more transparent and data-driven methodologies. These potential savings could be redirected into crucial development sectors, including healthcare, education, and infrastructure.
In his address, Mr. Vassogbo Bamba, Deputy Chief of Staff, on behalf of Mr. Adama Coulibaly, Minister of Finance of Côte d’Ivoire, emphasised the importance of strong sovereign credit ratings in the region for developing countries, as these translate into lower borrowing costs, greater investor confidence, and improved access to finance. The workshop also aimed to establishing a coordinated regional approach that ensures fair and equitable representation in global financial markets.
Ms. Blerta Cela, UNDP Resident Representative in Côte d’Ivoire, emphasised the broader developmental impact of sovereign ratings, explaining that a poor credit rating goes beyond just a number; it can result in unbuilt schools or underfunded hospitals. Taking control of Africa’s financial narrative is also essential for unlocking the continent’s full potential, she added.
Mr. Gustave Diasso, West African Economic and Monetary Union (WAEMU) Resident Representative pointed out that despite being the second most dynamic region in Africa, with
a projected growth of 4.3% in 2025, West Africa continues to face negative stereotypes that inflate risk premiums. He highlighted that the consultation provided a valuable opportunity to challenge these perceptions through collaboration and capacity building.
Dr. Daouda Sembene, CEO of AfriCatalyst, emphasised the need to reform current rating practices, asserting that Africa’s access to capital markets is not only a growth imperative but also a matter of fairness. He stressed that credit ratings should reflect economic realities rather than outdated narratives.
Throughout the workshop, participants engaged in technical sessions that examined credit rating methodologies, sovereign risk assessment tools, and strategies for engaging with rating agencies. The event advanced an increase in collaboration between policymakers and technical partners, aiming to develop sustainable, data-driven approaches to financial management.
Through the collaboration between regional leaders and technical experts, the event set the stage for better access to global capital markets, empowering governments to invest in key development sectors. This initiative paves the way for a more resilient and prosperous West Africa, where its true financial strength is recognised globally. The workshop was seen as a significant step toward improving West Africa’s economic future by promoting transparent and data-driven credit ratings.
For media inquiries or further information, please contact the APRM Continental Secretariat at info@aprm-au.org.
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