The 2nd Africa Credit Rating Conference took place in Balaclava, Mauritius, from October 5-6, 2026, with around 150 delegates in attendance. The conference, themed "Towards Derisking African Capital Markets: Reallocating Africa's Capital," aimed to address the central question of reducing risk perception associated with African markets. This issue is crucial in mobilizing more capital to finance the continent's development. The event was supported by the African Peer Review Mechanism (APRM).
The conference featured interventions from notable speakers, including Lisa Simrique Singh, UN Resident Coordinator in Mauritius, Marie-Antoinette Rose-Quatre, CEO of the APRM, and Jyoti Jeetun, Minister of Financial Services and Economic Planning. Minister Jeetun highlighted the paradox faced by Africa, which has significant growth potential but struggles with limited access to financing due to risk perception, declining aid flows, and tighter global financial conditions.
According to the International Monetary Fund (IMF), Africa recorded 4.5% growth in 2025, surpassing the global average of 3.4%. Ten out of 22 economies with growth exceeding 6.5% were African. Projections indicate that Africa may, for the first time in modern history, surpass Asia's growth. However, this momentum must translate into investments. Credit ratings play a crucial role in determining investor perception, financing costs, and access to international markets.
Currently, 32 out of 54 African countries have a sovereign credit rating from major international agencies. Only Botswana, Mauritius, and Morocco have an "investment grade" sovereign rating. Minister Jeetun emphasized that credit ratings are not just labels; they significantly impact states' and enterprises' ability to access long-term capital, reduce financing costs, and deepen capital markets. The goal is to shift from identifying risk to mitigating it, enabling larger-scale investments.
Minister Jeetun also highlighted Mauritius' role in the financial architecture, leveraging its international financial center and expertise in investment funds, banking, wealth management, capital markets, and cross-border financial structuring. The country aims to contribute more to mobilizing resources for Africa's economic transformation. The establishment of the Africa Credit Rating Agency (AfCRA) in Mauritius aligns with this ambition.
Marie-Antoinette Rose-Quatre stressed the need for Africa to better mobilize its own capital and enhance its risk assessment capacity. She cited various factors that could influence African economies' risk profiles, including geopolitical tensions, governance, climate change, and demographic shifts. She called for transforming discussions into concrete outcomes, such as developing domestic markets, promoting productive investments, and creating more equitable rating systems.
The conference also explored international rating methodologies, deepening African capital markets, and new technologies. Participants examined the use of artificial intelligence in rating, new credit scoring methods, and the potential of fintech and blockchain. Another significant challenge discussed was the reallocation of African capital, with a focus on directing reserves, pension funds, sovereign wealth funds, and insurance assets towards infrastructure, industrialization, trade, and regional integration while ensuring liquidity and security.
Key points
- The conference aimed to address the central question of reducing risk perception associated with African markets to mobilize more capital for development.
- Africa recorded 4.5% growth in 2025, surpassing the global average of 3.4%, and may, for the first time in modern history, surpass Asia's growth.
- Only Botswana, Mauritius, and Morocco have an "investment grade" sovereign rating among African countries.
