Afreximbank’s decision to terminate its relationship with the ratings agency Fitch has reignited debate over how multilateral development banks with sovereign shareholders and treaty‑based protections should be assessed within the global credit ratings system.


The move follows a months‑long dispute after Fitch downgraded the bank’s long‑term issuer rating from BBB to BBB‑ with a negative outlook in June 2025, citing concerns over loan quality and exposure to sovereign borrowers such as Ghana, South Sudan and Zambia.


Speaking to Thami Ngubeni, Dr Misheck Mutize, Lead Technical Expert for the AU African Peer Review Mechanism (APRM) Credit Ratings Programme, discussed the broader implications of the standoff and what it means for Africa’s push toward establishing its own credit rating agency.

Afreximbank&rsquo;s decision to terminate its relationship with the ratings agency Fitch has reignited debate over how multilateral development banks with sovereign shareholders and treaty‑based protections should be assessed within the global credit ratings system.
 The move follows a months‑long dispute after Fitch downgraded the bank&rsquo;s long‑term issuer rating from BBB to BBB‑ with a negative outlook in June 2025, citing concerns over loan quality and exposure to sovereign borrowers such as Ghana, South Sudan and Zambia.
 Speaking to Thami Ngubeni, Dr Misheck Mutize, Lead Technical Expert for the AU African Peer Review Mechanism (APRM) Credit Ratings Programme, discussed the broader implications of the standoff and what it means for Africa&rsquo;s push toward establishing its own credit rating agency.

In-depth financial issues, profiling of African businesses doing well internationally, stocks & market updates.

In-depth financial issues, profiling of African businesses doing well internationally, stocks &amp; market updates.

Business Africa

Africa in Business

Impasse between Afreximbank and Fitch strengthens case for an African‑owned credit rating agency

Koketso Mano, Senior Economist at FNB, unpacks South Africa’s inflation trends, the Reserve Bank’s latest interest‑rate announcement, and the country’s trade balance, among other key economic developments.

Koketso Mano, Senior Economist at FNB, unpacks South Africa&rsquo;s inflation trends, the Reserve Bank&rsquo;s latest interest‑rate announcement, and the country&rsquo;s trade balance, among other key economic developments.

The latest business and financial developments with Koketso Mano, FNB Senior Economist

Ghana's President, John Dramani Mahama, has ignited fresh debate at the World Economic Forum by sharply criticising Africa’s continued dependence on exporting raw materials while retaining little of their value. Mahama described the situation as a “triple dependency”, arguing that many African countries remain reliant on external powers not only for security, but also for their health and education systems. At the same time, he noted, the continent continues to supply the world with critical minerals, yet benefits minimally due to limited local processing.


Kenya‑based Economist Patrick Muinde says that while President Mahama may be expressing an uncomfortable truth, several challenges stand in the way of realising the continent’s ambitions. Muinde was speaking to Channel Africa’s Economics Reporter, Innocent Semosa.

Ghana's President, John Dramani Mahama, has ignited fresh debate at the World Economic Forum by sharply criticising Africa&rsquo;s continued dependence on exporting raw materials while retaining little of their value. Mahama described the situation as a &ldquo;triple dependency&rdquo;, arguing that many African countries remain reliant on external powers not only for security, but also for their health and education systems. At the same time, he noted, the continent continues to supply the world with critical minerals, yet benefits minimally due to limited local processing.
 Kenya‑based Economist Patrick Muinde says that while President Mahama may be expressing an uncomfortable truth, several challenges stand in the way of realising the continent&rsquo;s ambitions. Muinde was speaking to Channel Africa&rsquo;s Economics Reporter, Innocent Semosa.

 Mahama sparks debate over Africa’s reliance on raw material exports

As African governments confront rising public debt and increasingly restricted access to conventional financing, attention is turning to alternative sources of development capital. A new policy paper by the Friedrich Naumann Foundation for Freedom examines whether diaspora bonds could offer a viable means of mobilising Africa’s vast diaspora savings for long‑term development, including infrastructure and entrepreneurship. Thami Ngubeni spoke to Alexandra Heldt, West Africa Director at the Friedrich Naumann Foundation for Freedom.

As African governments confront rising public debt and increasingly restricted access to conventional financing, attention is turning to alternative sources of development capital. A new policy paper by the Friedrich Naumann Foundation for Freedom examines whether diaspora bonds could offer a viable means of mobilising Africa&rsquo;s vast diaspora savings for long‑term development, including infrastructure and entrepreneurship. Thami Ngubeni spoke to Alexandra Heldt, West Africa Director at the Friedrich Naumann Foundation for Freedom.

Impasse between Afreximbank and Fitch strengthens case for an African‑owned credit rating agency

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