The President of Afreximbank, George Elombi, has renewed calls for the establishment of an African-owned credit ratings agency, arguing that the continent can no longer allow foreign institutions to define its economic realities and determine the cost of accessing global finance.
Speaking at Afreximbank’s mid-year media roundtable in Abuja, Elombi said Africa’s economic narrative has for decades been shaped by external perceptions that often fail to reflect the continent’s true strengths, resilience and investment potential.
According to him, international ratings agencies frequently apply standards that unfairly penalise African economies and institutions, resulting in higher borrowing costs and reduced investor confidence.
Elombi argued that while Africa’s development institutions often demonstrate strong financial performance and sound management, they continue to face downgrades largely because of assumptions about operating within the continent.
He maintained that Africa deserves a ratings agency capable of evaluating risks within the appropriate context and providing a more balanced assessment of economic realities across the continent.
“Why should we not have one when other regions have one?” he asked.
The Afreximbank president also highlighted the importance of changing global perceptions about Africa, noting that the continent’s progress in infrastructure, trade, industrialisation and innovation often receives far less attention than its challenges.
He cited the Dangote Refinery as an example of transformational investments capable of strengthening Africa’s economic resilience and energy security. Elombi revealed that Afreximbank recently committed $2.5 billion to support the expansion of the facility.
Beyond ratings, he urged African countries to move away from exporting raw materials and instead focus on local processing and manufacturing, particularly in sectors such as battery production and critical minerals.
He identified the growing global demand for electric vehicles as a major opportunity for Africa to industrialise and retain more value from its natural resources.
Elombi also highlighted progress made through the Pan-African Payment and Settlement System (PAPSS), which now connects dozens of central banks and financial institutions, helping businesses conduct transactions in African currencies without relying heavily on foreign exchange.
He stressed that Africa’s development ambitions would remain incomplete unless the continent takes greater control of its financial institutions, investment narrative and industrial future.
