President Bassirou Diomaye Faye Urges Fairer Credit Assessment for African Nations at UN Summit

At the 4th International Conference on Financing for Development in Seville, Senegalese President Bassirou Diomaye Faye called for a reassessment of how international credit rating agencies evaluate the financial position of African nations.

In his remarks, President Faye emphasized that current rating methodologies are not well-suited to the specific economic realities of African countries and often contribute to increased borrowing costs and heavier debt repayment terms.

“Senegal is calling for a review of the rating criteria used by evaluation agencies, whose methods significantly increase the cost of access to credit and debt repayment,” he stated (Agence Ecofin, July 1, 2025).

While his message focused on the continent-wide implications of global rating practices, it forms part of a broader effort by African leaders to promote more balanced and development-sensitive financial governance frameworks.

Broader Context: Africa’s Interest in Reforming Global Ratings

President Faye’s intervention echoes growing calls across Africa for more equitable treatment by international credit rating systems. These concerns have gained renewed attention following several rating decisions involving African financial institutions.

Among these, the June 2025 downgrade of the African Export-Import Bank (Afreximbank) by Fitch Ratings drew notable reaction. Though based in Cairo, Egypt, Afreximbank operates across the continent, providing vital trade and development financing. Its downgrade to BBB– prompted debate among economists and regional institutions who argued that African entities are often evaluated through models that do not fully reflect their mandates, structures, or regional roles.

Although President Faye did not mention any specific institutions, his remarks align with a growing consensus on the need for credit assessments that take into account the unique social, political, and financial environments of African countries.

Toward a More Balanced System

The Seville summit also highlighted support for the creation of an African-led sovereign credit rating agency, expected to launch in September 2025. This agency aims to complement global systems by offering evaluations tailored to African realities—potentially improving investor confidence and access to capital on fairer terms.

President Faye’s appeal, along with similar interventions from other Global South leaders, reflects a broader effort to reform the global financial architecture in ways that support sustainable development, equity, and resilience for emerging economies.

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