ABUJA, Federal Capital Territory, Nigeria – The President and Chairman of the Board of Directors of the African Export-Import Bank, Dr George Elombi, has renewed calls for the establishment of an African-owned credit ratings agency, saying the continent must have greater control over how its economies and institutions are assessed.
Dr Elombi spoke during Afreximbank’s Mid-Year Media Roundtable in Abuja, where he said external perceptions of Africa continue to affect borrowing costs, access to capital and investor confidence.
Okay News reports that Dr Elombi said the continent could no longer allow its economic future to be determined mainly by institutions outside Africa, especially when credit ratings influence the cost of financing trade, infrastructure and industrialisation.
He said fair assessment of African institutions should be treated as part of the continent’s economic sovereignty agenda.
“Fair credit assessment is part of Africa’s sovereignty agenda,” Dr Elombi said.
“When African institutions are assessed properly, they can raise capital more competitively. When they raise capital more competitively, they can finance Africa’s industrial growth, and accelerate African trade and job creation.”
The Afreximbank president said Africa must strengthen its own financial institutions and build systems that reflect the continent’s real risks, assets and development role.
He said the proposed African ratings agency would help provide more balanced assessments of African governments, businesses and multilateral financial institutions.
According to him, African economies are often judged through frameworks that do not properly reflect local realities, treaty-backed institutions, preferred creditor status, shareholder support and the developmental role played by African multilateral lenders.
Dr Elombi said Afreximbank’s recent investment-grade rating from S&P Global Ratings, which assigned the bank a BBB+ long-term and A-2 short-term issuer credit rating, showed the importance of assessing African institutions in their proper context.
The bank said the rating followed its strong performance in Q1 2026, with total assets and contingencies rising to US$49.4 billion, shareholders’ funds of US$8.6 billion, a capital adequacy ratio of 23 per cent and a non-performing loan ratio of 2.40 per cent.
Dr Elombi said the bank’s shareholders remained confident because they understood the institution’s role in financing African trade, supporting governments during shocks and backing major private sector projects.
He also said Africa must change how the world sees the continent by telling a fuller economic story that includes industrial projects, trade platforms, hospitals, refineries, airports and investment flows.
The Afreximbank president said African journalists also have a role to play by reporting the continent’s challenges without ignoring the progress being made across business, infrastructure and development finance.
He said the proposed ratings agency is being advanced through the African Union’s African Peer Review Mechanism, with the expectation that it would eventually operate independently under experienced African financial professionals.
“Risk must be contextualised. Nobody understands African realities better than Africans themselves,” he said.
