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.
