President Netumbo Nandi-Ndaitwah expressed strong support for the upcoming African Credit Rating Agency during the United Nations General Assembly, highlighting the continent-wide initiative as a vital step to reduce high borrowing costs and reform the international financial architecture.
African nations have long faced steep hurdles when financing essential development projects, often relying heavily on domestic taxation and local borrowing to build infrastructure, power grids, and housing across the continent. While domestic capital remains crucial, it cannot single-handedly carry the massive weight of long-term economic transformation. Development finance institutions fill this gap by providing countercyclical capital during market downturns, yet their ability to lend affordably depends on their own borrowing costs in global markets.
Credit ratings act as powerful gatekeepers determining the price and availability of that capital. When international rating agencies misprice African risk or overlook developmental realities, infrastructure and industrialization projects become more expensive to deliver.
President Nandi-Ndaitwah Champions the African Credit Rating Agency at UNGA81
Addressing the 81st Session of the United Nations General Assembly in New York, President Netumbo Nandi-Ndaitwah welcomed the establishment of the African Credit Rating Agency, which is scheduled to launch in Mauritius in October. Speaking under the general debate theme Restoring Trust, Managing Transformation: A United Nations That Delivers for All
, the Namibian leader emphasized that the continent-wide platform directly targets persistent financial disparities.
“This development is a building block for Africa taking ownership of its development and prosperity agenda. It demonstrates progress in Africa’s ambition to drive momentum for the reform of the international financial architecture in order to ensure a level playing field.”
President Netumbo Nandi-Ndaitwah
Middle-income countries continue to grapple with severe debt vulnerabilities, climate-related shocks, and limited fiscal space.
Pushing for Global Financial Reform and Resource Value Addition
During her address, Nandi-Ndaitwah reaffirmed commitment to the Sevilla Commitments, describing them as an essential framework for strengthening sustainable development partnerships. She stressed that global financial systems must evolve to become far more inclusive and responsive to the distinct economic realities faced by middle-income nations.
“Such reforms should create greater policy space and access to financing to enable countries to expand their economies through value addition to their natural resources, including critical minerals, so that our people can fully benefit from our resources. This will accelerate sustainable development, address inequality, create jobs for our youth and lift our populations out of poverty.”
President Netumbo Nandi-Ndaitwah
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