Kenya Hosts Workshop on Sovereign Credit Ratings Bid to Attract Investment
Treasury cabinet secretary John Mbandi with a section of dignitaries at the ongoing National workshop in Mombasa. (Photo By Mwakwaya Raymond)
By Mbungu Harrison
Email, thecoastnewspaper@gmail.com
In a strategic move to improve its sovereign credit profile, Kenya will host a high-level National Workshop on Sovereign Credit Ratings from October 6–8, 2025, in Mombasa.
The event, organized by the Government of Kenya in partnership with the United Nations Development Programme (UNDP), AfriCatalyst, and other global institutions, aims to enhance Kenya’s creditworthiness, reduce borrowing costs, and attract sustainable investment.
Although the country’s economy has expanded significantly since being reclassified as a middle-income nation in 2014, with GDP estimated at US$110 billion in 2024 and per capita income exceeding $2,100, fiscal pressures remain high.
Debt servicing now consumes over 32% of government revenues, while Kenya’s sovereign credit ratings remain stagnant in the ‘B’ category (S&P B, Moody’s B2, Fitch B+), making borrowing more expensive than for peer nations such as Senegal.
Participants will include senior government officials, credit rating agencies, private sector leaders, and development partners such as the United Nations Economic Commission for Africa (UNECA), the African Peer Review Mechanism (APRM), the African Development Bank (AfDB), and the African Center for Economic Transformation (ACET).
The Embassy of Japan in Kenya is supporting the initiative.
A major outcome of the workshop will be the launch of the Kenyan Inter-Agency Credit Rating Committee, a permanent coordination mechanism linking the National Treasury, Central Bank of Kenya, Kenya National Bureau of Statistics, Parliament’s Budget Office, and the Office of the Auditor-General.
This body will oversee Kenya’s structured engagement with rating agencies, enhance fiscal transparency, and ensure consistent communication of the country’s economic fundamentals.
The committee will also lead the development of a Kenya Credit Rating Action Plan (2025–2026) to identify urgent reforms and medium-term strategies to strengthen fiscal management and improve investor perception.
The workshop supports Kenya’s long-term financing strategy aligned with Vision 2030 and the Medium-Term Plan IV (2023–2027).
With Official Development Assistance (ODA) declining, from 4.7% of GNI in 2015 to 3.2% in 2023, capital markets are increasingly seen as the primary financing avenue.
The event is part of the broader Africa Credit Ratings Initiative (AfCRA), spearheaded by UNDP and AfriCatalyst with support from Japan.
Daouda Sembene, President and CEO of AfriCatalyst, emphasized the pivotal role credit ratings play in determining the cost of borrowing.
“By strengthening institutional coordination and technical capacity, Kenya is taking control of its credit narrative,AfriCatalyst is committed to supporting this effort, which will help reduce borrowing costs and unlock greater access to affordable financing for sustainable development,” He said.
As Kenya looks to stabilize its fiscal outlook and lower its borrowing costs such as the 6.3% yield on its 2021 Eurobond, this workshop represents a key step toward improving the country’s global credit standing and securing more favorable financing for sustainable development.
