African Leaders Seek Fairer Risk Ratings, Increased Investment At France-Africa Summit In Nairobi

African leaders have renewed calls for a major overhaul of how global financial institutions assess investment risks on the continent, arguing that current ratings unfairly portray Africa as a high-risk destination and continue to limit access to affordable financing.

The issue took centre stage at the two-day Africa Forward Summit taking place in Nairobi, Kenya, where heads of state, international lenders, and development partners gathered alongside Emmanuel Macron to discuss economic cooperation, innovation, and investment opportunities across Africa.

The summit, jointly hosted by William Ruto and Macron, attracted delegations from more than 30 African countries, including leaders from Nigeria, Botswana, Senegal, Zambia, and Ivory Coast. Antonio Guterres also attended the meeting.

Speaking ahead of the summit discussions, Musalia Mudavadi said African countries are determined to push for a reassessment of global risk pricing models, which they believe have consistently disadvantaged the continent.

According to Mudavadi, African governments and businesses continue to face higher borrowing costs because international markets often classify the continent as inherently risky, despite similar geopolitical and economic uncertainties existing in other parts of the world.

He argued that conflicts in regions such as the Middle East demonstrate that risk is not unique to Africa and should not be disproportionately used to justify expensive credit conditions for African nations.

“Africa has continuously been viewed as a high-risk region, and this perception has increased the cost of accessing finance for governments and private businesses,” he said, calling for a more balanced and evidence-based approach to evaluating the continent.

African leaders have for years criticised major global credit rating agencies, including S&P Global Ratings, Moody’s, and Fitch Ratings, accusing them of overstating Africa’s economic risks and discouraging foreign investment.

The agencies, however, maintain that their ratings are based on internationally accepted methodologies and transparent assessment criteria applied uniformly across countries.

As part of efforts to address the issue, the African Union is working toward establishing an African credit rating agency, a move supporters believe would provide fairer and more context-sensitive assessments of African economies.

Mudavadi described the proposed continental ratings institution as critical to correcting long-standing market perceptions and improving investor confidence.

The summit also focused on mobilising investment into strategic sectors capable of driving economic growth and job creation across Africa.

Macron, who currently chairs the Group of Seven under France’s rotating presidency, has repeatedly called for improved financing access for African countries and stronger economic partnerships between Europe and Africa.

Several global and regional financial institutions participated in the summit, including the African Development Bank and the European Bank for Reconstruction and Development.

Discussions also covered infrastructure development, energy cooperation, innovation, and mechanisms for supporting long-term economic resilience across African economies.

Mudavadi expressed optimism that the summit would help produce practical financing solutions capable of supporting development projects, expanding business opportunities, and creating jobs across the continent.

The Nairobi gathering marks the first France-Africa summit to be held in a predominantly English-speaking African country, reflecting efforts to broaden diplomatic and economic engagement beyond France’s traditional francophone partners.