African sovereigns raised more than $14 billion on international markets in the first half of 2026, but a large share of these loans went toward budget financing, debt repayments and liability management rather than productive investment, according to the 13th edition of the Africa Sovereign Credit Rating Review.
Five countries (Cabo Verde, Ghana, Kenya, Nigeria and South Africa) received upgrades to their foreign-currency ratings from at least one of the major international agencies, said the document published by the African Peer Review Mechanism in collaboration with the United Nations Economic Commission for Africa.
Upgrades outnumbered downgrades, supported by macroeconomic stabilization, fiscal consolidation, stronger reserves and ongoing reforms. Botswana and Mozambique were downgraded, while Gabon, Mali and Senegal saw negative outlook revisions.
Ten other countries benefited from positive outlook changes or equivalent decisions. Ghana’s rating was raised by Fitch from B- to B, reflecting progress on fiscal consolidation, debt restructuring, currency appreciation and stabilization under an IMF-supported program.
In the first half of 2026, agencies placed greater weight on the continuity of reforms and the credibility of macroeconomic frameworks, according to the report.
Countries such as Morocco, Rwanda, Benin and South Africa were highlighted for resilient fundamentals and policy credibility.
Positive outlooks for the Democratic Republic of Congo, Guinea and the Republic of Congo reflected mining and commodity strength combined with prudent management.
Nine African states completed ten bond transactions between January and June for more than $14 billion equivalent.
