• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.
• Senegal urges reforms to enable fairer financing terms for low- and middle-income countries.
• Launch of an African sovereign rating agency planned for September 2025.

In Seville, Senegalese President Bassirou Diomaye Faye denounced the methodologies of international credit rating agencies, which he considers ill-adapted to the realities of African countries. He called for a profound reform to secure fairer and more suitable financing conditions for low- and middle-income nations.

President Faye participated on June 30 in the 4th International Conference on Financing for Development held in Seville, Spain. During the high-level plenary session, he highlighted the structural barriers hindering African states’ development, particularly the restrictive conditions for accessing credit on international markets.

“Senegal calls for a revision of the rating criteria used by agencies whose methods and practices significantly increase the cost of credit access and repayment,” he declared.

The president criticized agencies such as Moody’s, Fitch, and Standard & Poor’s for applying methodologies that do not reflect the specific economic and social contexts of African countries. Low ratings lead to higher interest rates on borrowings, exacerbating financial burdens for these nations. President Faye therefore urged a review of these criteria to achieve financing conditions that are more adapted and accessible.

This position follows closely after Fitch’s June 2025 downgrade of Afreximbank’s credit rating, a decision widely criticized by African institutions and leaders. Yemi Kale, Chief Economist at Afreximbank, recently stressed the need for Africa to convince investors to adopt a fairer risk assessment framework, arguing that current rating methodologies fail to capture the continent’s unique characteristics.

In this context, the proposal to establish an African sovereign rating agency is gaining momentum. Scheduled for launch in September 2025, this agency aims to evaluate risks based on criteria better aligned with Africa’s economic, social, and political realities.

Chamberline Moko