Misheck Mutize
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Articles by Misheck Mutize
Africa’s New Credit Agency: Why It’s About A Lot More Than Just Ratings
The new credit rating agency set up by African countries was not established to replace the existing rating architecture but to expand it. The new Africa Credit Rating Agency (AfCRA) has already generated an important debate. Some analysts have portrayed it as a rival to the three established global rating agencies – Fitch, Moody’s and S&P Global. Others have questioned whether Africa needs another rating agency at all.
Africa's New Credit Agency - Why It's About a Lot More Than Just Ratings
analysis The new Africa Credit Rating Agency (AfCRA) has already generated an important debate. Some analysts have portrayed it as a rival to the three established global rating agencies - Fitch, Moody's and S&P Global. Others have questioned whether Africa needs another rating agency at all. But, based on my expertise researching African financial markets and the role of credit rating agencies in particular, I would argue that this framing misses the bigger picture.
Africa’s new credit agency: why it’s about a lot more than just ratings
The new Africa Credit Rating Agency (AfCRA) has already generated an important debate. Some analysts have portrayed it as a rival to the three established global rating agencies – Fitch, Moody’s and S&P Global. Others have questioned whether Africa needs another rating agency at all. But, based on my expertise researching African financial markets and the role of credit rating agencies in particular, I would argue that this framing misses the bigger picture.
Are flawed credit ratings in Africa the result of bias?
The three major credit rating agencies – Moody’s, S&P Global and Fitch – have often differed among themselves when rating African institutions and countries. Their opinions don’t have to be aligned, but a huge gap in the ratings suggests inaccuracies in the analyses. Wrong ratings have consequences. They drive up the cost of capital. Lower ratings indicate higher risk, and lead investors to demand higher interest rates to compensate for that risk.
Afrique: Notations de crédit - Les agences occidentales s'appuient-elles sur des données ou sur des préjugés ?
Les trois principales agences de notation -- Moody's, S&P Global et Fitch -- ont souvent émis des avis divergents concernant la notation des institutions et des pays africains. Leurs opinions ne doivent pas nécessairement coïncider, mais un écart considérable entre les notations suggère des inexactitudes dans leurs analyses. Des notations discutables ont des conséquences. Elles font grimper le coût du capital.
Notations de crédit en Afrique : les agences occidentales s’appuient‑elles sur des données ou sur des préjugés ?
Les trois principales agences de notation — Moody’s, S&P Global et Fitch — ont souvent émis des avis divergents concernant la notation des institutions et des pays africains. Leurs opinions ne doivent pas nécessairement coïncider, mais un écart considérable entre les notations suggère des inexactitudes dans leurs analyses. Des notations discutables ont des conséquences. Elles font grimper le coût du capital.
Africa: Flawed Credit Ratings in Africa - Are Top 3 Western Agencies Driven By Data or Bias?
analysis The three major credit rating agencies - Moody's, S&P Global and Fitch - have often differed among themselves when rating African institutions and countries. Their opinions don't have to be aligned, but a huge gap in the ratings suggests inaccuracies in the analyses. Wrong ratings have consequences. They drive up the cost of capital. Lower ratings indicate higher risk, and lead investors to demand higher interest rates to compensate for that risk.
Flawed credit ratings in Africa: are top 3 western agencies driven by data or bias?
The three major credit rating agencies – Moody's, S&P Global and Fitch – have often differed among themselves when rating African institutions and countries. Their opinions don't have to be aligned, but a huge gap in the ratings suggests inaccuracies in the analyses. Wrong ratings have consequences. They drive up the cost of capital. Lower ratings indicate higher risk, and lead investors to demand higher interest rates to compensate for that risk.
Flawed credit ratings in Africa: are top 3 western agencies driven by data or bias?
The three major credit rating agencies – Moody’s, S&P Global and Fitch – have often differed among themselves when rating African institutions and countries. Their opinions don’t have to be aligned, but a huge gap in the ratings suggests inaccuracies in the analyses. Wrong ratings have consequences. They drive up the cost of capital. Lower ratings indicate higher risk, and lead investors to demand higher interest rates to compensate for that risk.
Africa’s capital must stay home to plug its financing gap: how it could be done
Africa is providing cheap liquidity to wealthy nations. In return it is paying huge interest rates to external institutional investors at the cost of its own development. For instance, African central banks export their reserve funds for safekeeping. Sovereign wealth funds and pension fund managers invest only in investment-grade European and United States institutions. The most popular one is risk-free US treasuries, where they earn 3.5% annually on average.
Afrique: Le FMI bénéficie du statut de créancier privilégié - Pourquoi il ne devrait pas arbitrer les autres prêteurs
Le Fonds monétaire international (FMI) ne devrait pas jouer le rôle d'arbitre dans les discussions visant à déterminer quelles autres institutions financières multilatérales devraient bénéficier du statut de créancier privilégié. En effet, le FMI lui-même est un bénéficiaire direct de la politique de hiérarchie des créanciers. Le statut de créancier privilégié donne la priorité au remboursement des prêts lorsque l'emprunteur rencontre des difficultés financières.
Le FMI bénéficie du statut de créancier privilégié : pourquoi il ne devrait pas arbitrer les autres prêteurs
Le Fonds monétaire international (FMI) ne devrait pas jouer le rôle d'arbitre dans les discussions visant à déterminer quelles autres institutions financières multilatérales devraient bénéficier du statut de créancier privilégié. En effet, le FMI lui-même est un bénéficiaire direct de la politique de hiérarchie des créanciers. Le statut de créancier privilégié donne la priorité au remboursement des prêts lorsque l'emprunteur rencontre des difficultés financières.
Africa: The IMF Enjoys Preferred Creditor Status - Why It Shouldn't Be the Judge When It Comes to Other Lenders
The International Monetary Fund (IMF) should not be an arbiter of discussions about which other multilateral financial institutions should qualify for preferred creditor status. This is because the IMF is a direct beneficiary of the creditor hierarchy policy. A preferred creditor status gives multilateral development institutions priority for the repayment of their loans should a borrower run into financial difficulties.
The IMF enjoys preferred creditor status: why it shouldn’t be the judge when it comes to other lenders
The International Monetary Fund (IMF) should not be an arbiter of discussions about which other multilateral financial institutions should qualify for preferred creditor status. This is because the IMF is a direct beneficiary of the creditor hierarchy policy. A preferred creditor status gives multilateral development institutions priority for the repayment of their loans should a borrower run into financial difficulties.
Credit and credibility: rating agency errors come with a cost
The rating agency S&P Global's Africa Credit Rating Trends 2025 reviews the past year's rating activities and analyses the continent's prospects for 2026. It is an important document because it interprets underlying drivers of creditworthiness. It shapes how global investors and policymakers understand risk, opportunity and reform dynamics across the continent. But the document had some serious flaws in it.
Credit and credibility: rating agency errors come with a cost
The rating agency S&P Global’s Africa Credit Rating Trends 2025 reviews the past year’s rating activities and analyses the continent’s prospects for 2026. It is an important document because it interprets underlying drivers of creditworthiness. It shapes how global investors and policymakers understand risk, opportunity and reform dynamics across the continent. But the document had some serious flaws in it.
The Africa Credit Rating Agency is on its way
Lead Expert in Credit Ratings at the African Peer Review Mechanism AfCRA will not replace global agencies: It will challenge them to see Africa differently Africa’s financing landscape presents a striking paradox. The continent is home to some of the world’s fastest-growing econ- omies, abundant natural resources, and a young, entrepreneurial population.
Senegal’s credit rating: Moody’s latest downgrade was questionable
The decision by the rating agency Moody’s to downgrade Senegal’s sovereign credit rating in late October 2025 triggered an immediate week-long sell-off in Senegal’s Eurobonds. This was the third downgrade in one year. It left the country’s 16-year bond trading at a 40% discount to its face value. Meaning, for every one dollar denominated bond, it was being sold for 60c on the market.
Sénégal: Pourquoi la dernière dégradation de la note du pays par Moody's ne tient pas la route
La décision de l'agence de notation Moody's de dégrader la notation souveraine du Sénégal, fin octobre 2025, a immédiatement déclenché une vente massive des eurobonds du pays qui a duré une semaine. Il s'agissait de la troisième dégradation en un an. Elle a entraîné une décote de 40 % par rapport à leur valeur nominale pour les obligations à 16 ans du pays. Autrement dit, pour un titre libellé à un dollar, les investisseurs ne payaient plus que 60 cents.
Pourquoi la dernière dégradation de la note du Sénégal par Moody’s ne tient pas la route
La décision de l'agence de notation Moody’s de dégrader la notation souveraine du Sénégal, fin octobre 2025, a immédiatement déclenché une vente massive des eurobonds du pays qui a duré une semaine. Il s'agissait de la troisième dégradation en un an. Elle a entraîné une décote de 40 % par rapport à leur valeur nominale pour les obligations à 16 ans du pays. Autrement dit, pour un titre libellé à un dollar, les investisseurs ne payaient plus que 60 cents.
Afrique: Le continent doit protéger ses banques de développement contre les discours visant à les affaiblir
analyse Une bataille discrète mais lourde de conséquences se joue au sein de l'architecture financière mondiale. Une lutte qui pourrait déterminer la capacité de l'Afrique à financer son propre développement. Ces derniers mois, des voix influentes issues du Fonds monétaire international (FMI), du Club de Paris et la banque d'investissement américaine JP Morgan ont remis en question le statut de créancier privilégié des institutions financières multilatérales africaines de développement.
Senegal’s credit rating: Moody’s latest downgrade was questionable - here’s why
The decision by the rating agency Moody’s to downgrade Senegal’s sovereign credit rating in late October 2025 triggered an immediate week-long sell-off in Senegal’s Eurobonds. This was the third downgrade in one year. It left the country’s 16-year bond trading at a 40% discount to its face value. Meaning, for every one dollar denominated bond, it was being sold for 60c on the market.
Senegal’s credit rating: Moody’s latest downgrade was questionable - here’s why
This African City Is Now a Global Art Hotspot—With Dynamic Galleries, Cutting-Edge Fashion, and a Major Biennale Why Dakar is now an international art hotspot. “This is all the result of a dream,” Mouhamed Seyni Guèye, the imam of Dakar’s Mosque of the Divinity, told me as we walked its grounds. One night in 1973, Guèye dreamed of a grand mosque set on a beach. Believing this to be a prophecy, he commissioned …
L'Afrique doit protéger ses banques de développement contre les discours visant à les affaiblir
Une bataille discrète mais lourde de conséquences se joue au sein de l'architecture financière mondiale. Une lutte qui pourrait déterminer la capacité de l'Afrique à financer son propre développement. Ces derniers mois, des voix influentes issues du Fonds monétaire international (FMI), du Club de Paris et la banque d'investissement américaine JP Morgan ont remis en question le statut de créancier privilégié des institutions financières multilatérales africaines de développement.
African countries need strong development banks
A quiet but consequential contest is playing out in the global financial architecture. One that could determine Africa’s ability to finance its own development. In recent months, powerful voices from the International Monetary Fund (IMF), the Paris Club and US investment bank JP Morgan have questioned the preferred creditor status of African multilateral development finance institutions.
HT Syndication: African countries need strong development banks: How they can push back against narratives to weaken them
India, Nov. 6 -- African multilateral development banks are facing challenges to their preferred creditor status, a crucial factor for securing affordable finance. Powerful global financial entities question their status, potentially increasing borrowing costs for Africa. To counter this, African governments and banks must collectively defend their legal standing and credibility. A quiet but consequential contest is playing out in the global financial architecture.
African countries need strong development banks: how they can push back against narratives to weaken them
A quiet but consequential contest is playing out in the global financial architecture. One that could determine Africa’s ability to finance its own development. In recent months, powerful voices from the International Monetary Fund (IMF), the Paris Club and US investment bank JP Morgan have questioned the preferred creditor status of African multilateral development finance institutions. These institutions include the Africa Export-Import Bank (Afreximbank) and the Trade and Development Bank (TDB).
G20’s missed opportunity to reform rating agencies
G20’s missed opportunity to reform rating agencies Premium By Misheck Mutize - 16 October 2025 One of the commitments the South African presidency of the G20 made in its policy priorities document at the beginning of 2025 was to push for fairer, more transparent sovereign credit ratings. And to address the high cost of capital caused by an illusive perception of high risk in developing economies...
Africa’s borrowing costs are too high
The G20’s missed opportunity to reform rating agencies 1 Hour Ago South Africa proposed to establish a commission to look into the cost of capital. In particular, to investigate the issues that impair the ability of low- and middle-income countries to access sufficient, affordable and predictable flows of capital to finance their development. For many in Africa, this was more than a bureaucratic statement.
Afrique: Les coûts d'emprunt du continent sont trop élevés - L'occasion manquée par le G20 de réformer les agences de notation
Au début de l'année 2025, l'un des engagements pris par la présidence sud-africaine du G20 dans son document Priorités politiques était de promouvoir des notations de crédit souveraines plus équitables et plus transparentes. Elle voulait aussi remédier au coût élevé du capital, souvent justifié par une perception illusoire de risque élevé dans les économies en développement. L'Afrique du Sud avait proposé de créer une commission chargée d'examiner le coût du capital.
Les coûts d'emprunt de l'Afrique sont trop élevés : l'occasion manquée par le G20 de réformer les agences de notation
Au début de l'année 2025, l'un des engagements pris par la présidence sud-africaine du G20 dans son document Priorités politiques était de promouvoir des notations de crédit souveraines plus équitables et plus transparentes. Elle voulait aussi remédier au coût élevé du capital, souvent justifié par une perception illusoire de risque élevé dans les économies en développement. L'Afrique du Sud avait proposé de créer une commission chargée d'examiner le coût du capital.
Africa’s borrowing costs are too high …
One of the commitments the South African presidency of the G20 made in its policy priorities document at the beginning of 2025 was to push for fairer, more transparent sovereign credit ratings. And to address the high cost of capital caused by an illusive perception of high risk in developing economies. South Africa proposed to establish a commission to look into the cost of capital.
Africa’s borrowing costs are too high: the G20’s missed opportunity to reform rating agencies
One of the commitments the South African presidency of the G20 made in its policy priorities document at the beginning of 2025 was to push for fairer, more transparent sovereign credit ratings. And to address the high cost of capital caused by an illusive perception of high risk in developing economies. South Africa proposed to establish a commission to look into the cost of capital.
‘African finance ministers shouldn’t be making bond deals’
How to hand over the job to experts Misheck MutizeEurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial ... Wenn Sie ein aktiver Abonnent sind und der Artikel nicht angezeigt wird, Bitte melden Sie sich ab und wieder an. Kostenloser Zugriff auf Artikel ab 12:00 Uhr. Bitte beachten Sie: Um den Artikel zu lesen, geben Sie bitte unten Ihre Daten ein.
ECONOMY: African Finance Ministers Shouldn’t Be Making Bond Deals: How To Hand Over The Job To Experts Original
Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries. Recent developments, however, show that most of the bonds have not been structured properly.
Pourquoi les ministres africains ne devraient pas gérer les obligations
Les Eurobonds (euro-obligations), c'est-à-dire les dettes libellées en devises étrangères, sont devenues un moyen rapide et attractif pour les pays africains d'emprunter de l'argent. Elles sont à l'origine d'une forte augmentation des emprunts commerciaux en pourcentage de la dette extérieure totale : celle-ci a presque doublé, passant de 27 % en 2011 à 52 % en 2020. Mais cette tendance a rendu les pays africains plus vulnérables à la dette.
African finance ministers shouldn’t be making bond deals: how to hand over the job to experts
Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries. Recent developments, however, show that most of the bonds have not been structured properly.
Afrique: Les pays africains sont peu performants en matière d'émission d'obligations - Ce qui doit changer
Au cours des deux dernières décennies, les pays africains se sont de plus en plus tournés vers les marchés financiers internationaux pour répondre à leurs besoins de financement de leur développement. Le Kenya et le Bénin ont ainsi levé un total de 2,5 milliards de dollars américains grâce à l'émission d'obligations au cours du premier semestre 2025. Les fonds ont été utilisés pour rembourser des obligations arrivant à échéance.
Les pays africains sont peu performants en matière d'émission d'obligations : ce qui doit changer
Au cours des deux dernières décennies, les pays africains se sont de plus en plus tournés vers les marchés financiers internationaux pour répondre à leurs besoins de financement de leur développement. Le Kenya et le Bénin ont ainsi levé un total de 2,5 milliards de dollars américains grâce à l'émission d'obligations au cours du premier semestre 2025. Les fonds ont été utilisés pour rembourser des obligations arrivant à échéance.
Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course
The governments of Ghana and Zambia recently took a decision that could have serious consequences for other African countries. The decision relates to arrangements on how the two countries will repay the debt they owe to Africa Export-Import Bank (Afreximbank). They have both taken decisions to relegate Afreximbank to a commercial lender from a preferred creditor. This means that the terms on which Afreximbank has lent money to these two countries will change. And it will lose certain protections.
African countries are bad at issuing bonds, so debt costs more than it should: what needs to change
Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.
Why it is bad news that African Eurobonds are oversubscribed
Introduction Eurobonds are debt instruments issued by a country in a currency different from its own. Eurobonds have risen to prominence in Africa because they have opened a window for governments to diversify their funding sources from traditional concessionary loans offered by the International Monetary Fund (IMF) and foreign aid, both of which are declining.
Eurobonds issued by African countries are popular with investors: why this isn’t good news Original
Eurobonds are debt instruments issued by a country in a currency different from its own. Eurobonds have risen to prominence in Africa because they have opened a window for governments to diversify their funding sources from traditional concessionary loans offered by the International Monetary Fund (IMF) and foreign aid, both of which are declining.
Africa: Eurobonds Issued By African Countries Are Popular With Investors - Why This Isn't Good News
Eurobonds are debt instruments issued by a country in a currency different from its own. Eurobonds have risen to prominence in Africa because they have opened a window for governments to diversify their funding sources from traditional concessionary loans offered by the International Monetary Fund (IMF) and foreign aid, both of which are declining.
Les eurobonds émis par les pays africains ont la faveur des investisseurs : pourquoi ce n'est pas une bonne nouvelle
Les eurobonds sont des titres de créance émis par un pays dans une monnaie différente de la sienne. Les eurobonds ont pris de l'importance en Afrique parce qu'ils ont permis aux gouvernements de diversifier leurs sources de financement par rapport aux prêts concessionnels traditionnels offerts par le Fonds monétaire international (FMI) et à l'aide étrangère, qui sont tous deux en déclin.
Eurobonds issued by African countries are popular with investors: why this isn’t good news
Eurobonds are debt instruments issued by a country in a currency different from its own. Eurobonds have risen to prominence in Africa because they have opened a window for governments to diversify their funding sources from traditional concessionary loans offered by the International Monetary Fund (IMF) and foreign aid, both of which are declining.
Afrique: Les agences de notation et le continent - L'absence de personnes sur le terrain contribue aux préjugés contre le continent, selon un analyste - allAfrica.com
analyse L'agence de notation Fitch a récemment averti que la propagation rapide du virus de mpox en Afrique subsaharienne pourrait aggraver les pressions fiscales que connaissent déjà de nombreux pays de la région. Le Centre africain de lutte et de prévention des maladies et l'Organisation mondiale de la santé ont déclaré que la dernière épidémie de mpox en Afrique constituait une urgence sanitaire. Une épidémie en République démocratique du Congo s'est propagée aux pays voisins.
Les agences de notation et l'Afrique : l'absence de personnes sur le terrain contribue aux préjugés contre le continent, selon un analyste
L'agence de notation Fitch a récemment averti que la propagation rapide du virus de mpox en Afrique subsaharienne pourrait aggraver les pressions fiscales que connaissent déjà de nombreux pays de la région. Le Centre africain de lutte et de prévention des maladies et l’Organisation mondiale de la santé ont déclaré que la dernière épidémie de mpox en Afrique constituait une urgence sanitaire. Une épidémie en République démocratique du Congo s'est propagée aux pays voisins.
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