Addis Ababa, 6th December 2025 (APRM, ECA, UNDP-Africa) - The African Peer Review Mechanism (APRM), the United Nations Development Programme (UNDP), and the United Nations Economic Commission for Africa (ECA) have welcomed the recent upgrades in sovereign credit ratings for Ghana, Zambia, and South Africa, along with positive outlook improvements for Nigeria and Uganda by major global ratings agencies, in a joint Press Statement.
The three organisations are collaborating on the Africa Credit Ratings Initiative, led by UNDP. This initiative aims to help African countries understand and appreciate credit rating systems and methodologies. It provides technical support, capacity-building, and policy discussions to assist officials in effectively managing credit ratings, thereby fostering greater national ownership of the process used by international agencies such as Moody's, Fitch, and S&P.
In November, S&P Global Ratings upgraded Ghana's credit rating from CCC+ to B– due to improved liquidity and reduced risks. Moody's upgraded Ghana's rating from Caa2 to Caa1 in October 2025, and Fitch raised it from Restricted Default to B– in June 2025, both with stable outlooks. These upgrades reflect progress in debt restructuring and fiscal management, particularly a $13.1 billion Eurobond restructuring, indicating increased investor confidence.
Similarly, in November, S&P Global Ratings upgraded Zambia's credit rating from Selective Default (SD) to CCC+. This change marks Zambia's official emergence from default after five years, following significant agreements to restructure about 94% of Zambia's $13.3 billion external debt. In the same month, S&P assigned Guinea its first-ever credit rating of B+, further showcasing the growing recognition of Africa's financial development and reform efforts.
Additionally, Guinea received its first-ever sovereign credit rating of B+ from S&P in November 2025, highlighting Africa's increasing financial integration and reform progress.
South Africa also received a credit rating upgrade in November due to improved fiscal signals and better-than-expected macroeconomic performance. Meanwhile, Nigeria and Uganda experienced positive revisions in their outlooks, reflecting gradual improvements in external liquidity, fiscal consolidation efforts, and constructive engagement with rating agencies.
Commenting on recent successes in credit rating trends, Ahunna Eziakonwa, UN Assistant Secretary-General and UNDP Regional Director for Africa, described the Africa Credit Ratings Initiative as a game-changer for African countries aiming to improve their data systems and rating agency capabilities.
"With over 260 officials from 18 countries trained, governments are now better equipped to negotiate with rating agencies, potentially shifting Africa's global market narrative," She noted,
She observed that “upgrades of Ghana, Zambia, and South Africa demonstrate Africa's increasing creditworthiness and the efforts to strengthen institutions and macroeconomic stability."
Jean-Marc Kilolo, the ECA team member on the programme, viewed the credit rating upgrades as a positive sign of progress, enhancing these countries' standings in international financial markets.
He stated, “African countries have historically struggled with low ratings due to a lack of accurate data and poor coordination among national institutions. We hope that the initiatives from the three organisations will help overcome these challenges.”
The three organisations - APRM, ECA, and UNDP Africa underscore their commitment to supporting member states in strengthening their financial standing to drive economic growth and improve living standards by institutionalising sovereign ratings.
Issued on behalf of APRM, ECA and UNDP Africa
By
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org