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Explainer: Russia’s Geopolitical Games With Africa

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Russia policy goals in Africa

By Kestér Kenn Klomegâh

Russian Foreign Minister, Sergey Lavrov, expresses desperate fears and is highly nervous over possible clandestine threats by the United States and its European allies to derail the second Russia-Africa summit scheduled for late July 2023.

With the rapidly changing geo-political situation, mostly due to its ‘special military operation’ in the neighbouring Ukraine, which has adversely affected Africa’s economy and its 1.3 billion population, Russia plans to hold a summit to review and patch up the straddling relations.

After the first Russia-Africa summit held in October 2019, Russia has not delivered on several bilateral agreements that were signed with African countries. Moscow has not delivered on most of its pledges and promises that usually characterized talks with African leaders over these years.

According to summit reports, 92 bilateral agreements were pinned with a number of African countries. Russia is only passionate about signing tonnes of agreements. A classical case was during the critical period of coronavirus, Russia agreed to supply 300 million Sputnik vaccines through the African Union but was disappointed with delivery. It, however, sprinkled a few thousand to a couple of African countries to muscle-flex its soft power.

Besides that, Russia’s economic presence is hardly seen across Africa. There have been several development-oriented initiatives over these years but without tangible results. As expected, these weaknesses were compiled and incorporated in the ‘Situation Analytical Report’ by 25 policy researchers headed by Professor Sergey Karaganov, the Dean of the Faculty of World Economy and International Affairs at Moscow’s Higher School of Economics.

The report criticized Russia’s current policy and lukewarm approach towards implementing bilateral agreements in Africa. It pointed to the lack of coordination among various state and para-state institutions working with Africa.

According to the report, Russia plays very little role in Africa’s infrastructure, agriculture and industry. This 150-page report was presented in November 2021, which also offers new directions and recommendations for improving policy methods and approaches with Africa.

On the other side, anti-Western rhetoric and political confrontation have become the main content of foreign policy instead of focusing on its economic paradigms or directions within its capability to raise economic influence in the continent.

Lavrov’s early April interview with the local Russian news site, Argumenty i Fakty, and copy posted on the Foreign Ministry’s website vehemently reiterated fears that the United States is attempting to wreck the Russia-Africa summit.

“Indeed, the United States and its allies are doing all they can to isolate Russia internationally. For example, they are trying to torpedo the second Russia-Africa Summit scheduled to take place in St Petersburg in late July. They are trying to dissuade our African friends from taking part in it,” the top Russian diplomat said.

“However, there are fewer and fewer volunteers willing to sacrifice their vital interests for Washington and its henchmen and to pull the chestnuts out of the fire for the former colonial powers,” Lavrov noted. “Attempts to undermine our cooperation with the states of the global South and East will persist, although their success is far from guaranteed,” he added.

Lavrov, in the interview, said questions relating to the critical infrastructure development in Africa were on the agenda of the forthcoming summit. Russia views the summit as “a systemic element of Russia-Africa cooperation and will be filling it with meaningful content in close cooperation with African friends.”

“Its agenda includes such items as technology transfer and development of industry and critical infrastructure in Africa. We are going to discuss in detail Russia’s participation in projects on digitizing African states, developing their power engineering, agriculture and mineral extraction, and ensuring their food and energy security,” he further explained.

“I believe that the summit will strengthen Russia-Africa cooperation, provide a vector for the development of the entire range of relations with Africa in a mid-term perspective, and make a tangible contribution to the effective resolution of regional and international issues,” Lavrov added.

Further down the interview, Lavrov pointed to multifaceted and mutually advantageous cooperation between Russia and Africa. Russia would continue ensuring national security and sovereignty, continue building interstate cooperation on the principles of international law, equality, and mutual respect and consider both interests in Russia and Africa.

According to several expert policy reports, Russia sees growing neo-colonial tendencies as a threat to its participation in economic sectors in Africa. It consistently attributes Africa’s economic instability, development obstacles and pitfalls to the United States and its European allies. But the U.S. State Department, in a statement, did not address Lavrov’s accusations directly but said Washington was pursuing strong relationships with African countries “to address the shared challenges we face. Our Africa policy is about Africa.”

The statement quoted the US Secretary of State, Mr Antony Blinken, as saying the United States “(doesn’t) want to limit African partnerships with other countries. We want to give African countries choices.” Shunned by most Western countries since its invasion of Ukraine just over a year ago, Moscow has turned its efforts to countries in Asia and Africa. Lavrov has been particularly eager to nurture ties with Africa, visiting the continent twice this year as well as making a tour in mid-2022.

In terms of working with the African continent, experts usually say the African continent remains little known in Russia. And Russia’s presence is well-noted only for anti-Western rhetoric instead of concentrating on what it could concretely do in Africa.

It is struggling to regain influence and win sympathy, but Russia has to be serious with policy initiatives. It remains at the bottom level with its tourism, cultural and people-to-people interactions, often referred to as an essential part of public diplomacy. It claims to lead an emerging multipolar world order which requires basic openness, interaction and an integrative approach to aspects of social life.

At the same time, it expects and persuades Africans to simply sacrifice their Western and European cultural connections and even ‘family ties’ for the sake of friendship with Russia. It is a typical irrational step – extremely difficult to do. How do you ask Africans to cut such accumulated relations overnight? Historically, despite the negative effects of slavery, which everybody knows and also much criticized U.S. hegemony, but African-American diaspora is closely knitted by culture and by blood and now forms an undeniable core of the development processes of both societies.

Over the years, African leaders have been engaging with their diasporas, especially those excelling in sports, academia, business, science, technology, engineering and other significant fields that the continent needs to optimize its diverse potentials and to meet development priorities. These professionals primarily leverage various sectors and act as bridges between the United States and Africa. As explicitly acknowledged, the overarching efforts are to focus on deepening and expanding the long-term US-Africa partnership and advancing shared common priorities.

The Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo, argues that the great resource that will enable Africa to cope with a rapidly changing world is its diaspora. He asked African leaders, public and private institutions, and businesses to take advantage of the diaspora outside the continent and relate with them for their education and professional skills for development inside Africa. He pointed to remittances from the African diaspora, which is substantial, rising from $37 billion in 2010 to $96 billion by 2021; the African diaspora is a source of strength for Africa.

As well-known, the world is going through a highly complex and somewhat confusing time. In addition to the United States, there are China, Russia, the European Union, the UK, India and Brazil as dominant regional powers. In comparison, China is Africa’s largest bilateral trading partner and will have about $254 billion in trade in 2021. That said, Africa has the United States and Europe, and a number of Asian countries as the traditional markets for exports earn a significant amount of revenue from those regions.

Does this situation mean the severing of all ties with the United States and Europe? What is Russia’s market for Africa? What is the level of Russia’s engagement, especially in the industrial sector, development of needed infrastructures and other relevant sectors for employment creation in the continent? How much revenue do African countries earn from Russia? Interestingly African leaders rather travel there with the ‘begging bowls’ and give ‘ear-deafening applause’ to offers of free grains, while their own agricultural practices are rudimentary and a vast expanse of their land remains uncultivated.

Professor Fyodor Lukyanov, Chairman of the Council on Foreign and Defense Policy, Research Director at the Valdai Discussion Club, and Editor-in-Chief of Russia in Global Affairs journal, told this author in an interview that Russia’s engagement depends largely on several factors. Notwithstanding all that, Africa has its strengths and weaknesses based on history, but the balance is positive in this emerging new world. Most of the potential success (especially transforming the economy and raising trade levels) depends on African countries themselves and their ability to build up relations with outside powers on a rational and calculated basis.

In comparison with other players, Russia largely plays words to win support or sympathy and most often rattles investment slogans with Africa. The United States, European Union members, China, India, Turkey and even the Gulf States discuss Africa from different perspectives, but more importantly, follow their desires and ways to establish their economic footprints on the continent.

Reports show that Russia has been strengthening its relations, meeting African ministers and delegations these several years. It has even opened trade missions with the responsibility of providing sustainable business services in a number of African countries. In addition, more than a decade since the establishment of the Coordinating Committee on Economic Cooperation with Sub-Saharan Africa. There are also several Joint Commissions on Trade and Economic Cooperation, and of course, there are 38 Russian diplomatic offices in Africa.

Across Africa, when officials and experts are discussing the situation in various sectors, they hardly mention infrastructures undertaken, completed and commissioned in the continent by Russians. A lot more important issues have received little attention since the first African leaders’ gathering. Russia has few achievements and few success stories to show at the next summit, according to another policy report by the South African Institute of International Affairs (SAIIA), a reputable policy think tank, published in 2022.

The report noted the dimensions of Russian power projection in Africa, new frontiers of Russian influence and a roadmap towards understanding how Russia is perceived in Africa. It highlighted narratives about anti-colonialism and described how these sources of solidarity are transmitted by Russian elites to the African public. For seeking long-term influence, Russian elites have oftentimes used elements of anti-colonialism as part of the current policy to control the perceptions of Africans and primarily as new tactics for power projection in Africa.

In the context of a multipolar geopolitical order, Russia’s image of cooperation could be seen as highly enticing, but it is also based on illusions. Better still, Russia’s posture is a clash between illusions and reality. “Russia, it appears, is a neo-colonial power dressed in anti-colonial clothes,” says the report.

Simply put, Moscow’s strategic incapability, inconsistency and dominating opaque relations are adversely affecting sustainable developments in Africa. Thus far, Russia looks more like a ‘virtual great power’ than a genuine challenger to European, American and Chinese influence.

The next report, titled – Russia’s Private Military Diplomacy in Africa: High Risk, Low Reward, Limited Impact – says that Russia’s renewed interest in Africa is driven by its quest for global power status. Few expect Russia’s security engagement to bring peace and development to countries with which it has security partnerships.

While Moscow’s opportunistic use of private military diplomacy has allowed it to gain a strategic foothold in partner countries successfully, the lack of transparency in interactions, the limited scope of impact and the high financial and diplomatic costs expose the limitations of the partnership in addressing the peace and development challenges of African host countries, the report says.

Furthermore, African countries where Russia intends to assist in ensuring a peaceful environment will require comprehensive peace and development strategies that include conflict resolution and peacebuilding, state-building, security sector reform, and profound political reforms to improve governance and the rule of law – not to mention sound economic planning critical for attracting foreign direct investment needed to spur economic growth.

Joseph Siegle, Director of Research and Daniel Eizenga, Research Fellow at the Africa Center for Strategic Studies, in a series of articles these few years, offered excellent comprehensive insights into possible reasons why military governments delay to fast-track or are hesitant in making a smooth return to constitutional government.

The two researchers reminded the African Union and ECOWAS to invoke the African Convention for the Elimination of Mercenarism, which went into effect in 1985, prohibiting states from allowing mercenaries into their territories. Borrowing from its Syria playbook, Moscow has followed a pattern of parachuting to prop up politically isolated leaders facing crises in regionally pivotal countries, often with abundant natural resources.

Many African experts explained that the interim military leaders in Africa are vacillating, turning down proposals to change over to constitutional rule. Their decision to remain in power absolutely violates the “Silence the Guns” policy adopted by the African Union. Holding media briefings after talks with his Malian counterpart, Lavrov has often reiterated that with the threats posed by frequent terrorist attacks, it is not the best time to hold democratic elections. It implies that Russia encourages military rule in Africa and that “one should not change horses in the middle of the stream,” according to official website sources.

Moreover, this is one area in which the great powers and emerging powers can put aside rivalries and work together with ECOWAS and the African Union on an initiative to stamp out terrorism in Africa, especially in the Sahel. Many simply forget the fact that an outstandingly good example uses regional integration arrangements to promote peace and security on the one hand and pursue economic development, trade and industry on the other.

During the 36th Ordinary Session of the African Union (AU) held in Addis Ababa, Prime Minister Abiy Ahmed, the Federal Democratic Republic of Ethiopia (FDRE), interestingly used the phrase – “African solutions to African problems” – seven times during his speech delivered on February 18. Besides that, he offered the suggestion that existing conflicts and disputes on the continent, it necessary to mobilize collective efforts to resolve them and “must be confined to this continent and quarantined from the contamination of non-African interference.”

Notwithstanding the current geopolitical games, African leaders have to utterly resist the landscape being used as playing fields; leaders who adopt excellent strategies could still benefit from all sides, especially not to join the political confrontation but rather remain neutral. The perspectives, decisions and actions of these global actors, including in multilateral forums, could impact on economic development across Africa.

In practical terms, what is needed today is systematic economic transformation, industrialization and upgrading employment-generating sectors; therefore, Africa can take full advantage of the global complexities and uncertainties. With external players, the focus has to be on practical economic diplomacy. The decisive factor in this context will then be knowledgeable leadership seriously committed to good governance and economic development.

Understandably, Russia has to clearly define its parameters despite the growth of external players’ influence and presence in Africa. While Russia appears to be consolidating relations, it is only full of symbolism; its policy model (distinctive opposite that of China and its passion for building infrastructures across Africa) is characterized by bilateral agreements without appreciably visible results. Yet, in these critical times, it strategically seeks enormous support, in any form, from Africa’s regional organizations and from the African Union.

Despite the current conditions of global changes, the irreversible fact is that Africa simply needs genuine external investors without frequent rhetorics and without geo-political slogans. Africa has already attained its political independence and sovereignty these sixty years in the process of economic transformation. With its 1.3 billion population, Africa is a potential market for all kinds of consumable goods and for services. In the coming years, there will obviously be an accelerated competition between or among the external players over access to resources and, of course, economic influence in Africa.

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Russia-Africa Dialogue: Untapped Prospects for Economic Cooperation

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Russia-Africa Dialogue SPIEF-2026

By Kestér Kenn Klomegâh

At the St Petersburg International Economic Forum 2026, the traditional “Russia-Africa Business Dialogue”, which was initiated in 2016, will deliberate aspects of forging economic cooperation between Russia and African countries. For a decade since its creation, this platform has practically discussed most pertinent roadblocks, highlighted the economic sectors, and outlined the prospects. The significant issues have also been treated at the first and second Russia-Africa summits.

As Moscow prepares to hold the next Russia-Africa summit in October, it is quite clear that Russia has still not worked out financial mechanisms to support its investments across Africa. Generally, the federal strategy for this area has been mapped out, Russian investors understand where to invest in Africa, but lacks extremely the financial motivation and approach to integrate young people into the business environment. Other constraining factors include a lack of financial support instruments the suitable environment for experience sharing and collaboration. At the same time, there are reports that point to a broad range of factors that hinder the development of youth entrepreneurship.

Historically, Russia–Africa relations have evolved through distinct phases after phases. The latest phase began from the first Russia-Africa summit through the second, and is currently moving to the third summit in October. As part of the strategic preparations, Tanzanian President Samia Suluhu Hassan was the guest of Vladimir Putin in the Kremlin. Russia and Tanzania have had good relations, but it has been more than a century since the last state visit of a Tanzanian leader to Russia. From the historical records, Mwalimu Nyerere visited in 1969. As a result, Samia Hassan’s official working visit had a special historic significance for the bilateral relations. “We see this as a very positive sign,” noted Putin. Further to that, Samia Hassan was decorated with an honorary doctorate degree (Doctor Honoris Causa) at the Russian Peoples Friendship University, expressed gratitude for the political solidarity, and underlined Russia for the great contribution which it provided during the African political liberation in the 60s.

Tanzania’s Distinctive Profile

Sergei Kiriyenko, the Deputy Chief of Staff of the Presidential Administration who oversees the department, visited Tanzania after the November 2025 elections. In addition, Putin’s aide Yuri Ushakov called Tanzania “one of the key partners on the African continent,” recalling that it is home to approximately 70 million people. Samia’s visit to Russia is a victory for Russian diplomacy in Africa, as Tanzania is one of those allies that strengthen Moscow, says Andrey Maslov, Director of the HSE Centre for African Studies. According to the expert, cooperation is based on mutual benefit, and Tanzania does not require assistance. The country is among the continent’s economic leaders, distinguished by high growth rates, a stable political system, and a friendly attitude towards Russia. Russia’s interest in Tanzania is largely due to its geographic location and access to the Indian Ocean. The port of Dar es Salaam is considered a key transport hub in East Africa, serving transit routes to the East African Community (EAC) countries, along with the Kenyan port of Mombasa. Given Tanzania’s population, the EAC’s combined market represents over 300 million people, and the potential for expanding trade lies primarily in agricultural products, fertilisers, and basic industrial goods.

Africa’s participation at the St Petersburg 29th forum is very unique, with the majority from East and Southern Africa. The Director General of the Tanzania Investment and Special Economic Zones Authority (TISEZA), Gilead J. Teri, noted that the Tanzanian delegation has a unique opportunity to advance its agenda and strengthen bilateral relations. The forum gave a powerful boost to trade and economic cooperation. Tanzania presented its investment potential to the Russian business community. Therefore, it could be said that bilateral relations between Russia and Tanzania are flourishing and developing dynamically today.

Eastern and Southern Africa’s Dimensions

While it envisages strengthening ties in a broad range of fields, targeting the Eastern and Southern regions by utilising Tanzania as the gateway, Russia shows that the key partners in that part of Africa. Russia’s attributes for raising investment relations are clear: stability, untapped resources and human capital.

Putin’s meeting with Tanzania’s Samia Hassan, aiming at lifting up bilateral cooperation, which symbolises a new qualitative stage or a new chapter in the relations between Russia, Tanzania and the entire SADC. “Africa is an important partner for Russia, a participant in the emerging and sustainable polycentric architecture of the world order. Our relations with the states of that continent are valuable in their own right and should not be subject to the fluctuations on the international arena,” Foreign Minister Sergey Lavrov also said long time ago at the Russia-Africa civil/public gathering held in 2018, in attendance was Stergomena Lawrence Tax, who headed the Southern African Development Community (SADC).

“We are aware that our African friends hold the same views. Relying on the accumulated experience of productive cooperation, Russian diplomats seek to pursue a consistent policy for deepening the range of Russia-Africa relations,” he added. Lavrov said it is necessary to maximise the potential of public, cultural and business diplomacy in the interests of strengthening and expanding the mutually beneficial ties between Russia and African states while invariably adhering to the principle of African solutions to African problems, formulated by the Africans themselves.

Stergomena Lawrence, however, observed that Russia has not been that visible in the region as compared to China, India or Brazil. But it is encouraging that Russia has made the decision to reposition itself as a major partner with Southern Africa. She expressed gratitude that Russia has launched a plan aimed at improving direct trade with the continent/region beyond the traditional sectors like mining, seeking to invest in areas like agriculture, industrial production, high technology and transport.

The Russian Federation’s priorities are also in line with SADC priorities, as evidenced by the priorities of the Foreign Economic Strategy in the region, as indicated below:

Prospecting, mining, oil, construction and mining, purchasing gas, oil, uranium, and bauxite assets (Angola, Namibia and South Africa);

Construction of power facilities—hydroelectric power plants on the River Congo (Angola, Namibia and Zambia) and nuclear power plants (South Africa);

Creating a floating nuclear power plant, and South African participation in the international project to build a nuclear enrichment centre in Russia;

Railway Construction (Angola);

Creation of Russian trade houses for the promotion and maintenance of Russian engineering products (South Africa).

Participation of Russian companies in the privatisation of industrial assets, including those created with technical assistance from the former Soviet Union (Angola).

In the Russian Federation, 10 SADC member countries have their diplomatic offices, namely: Angola, Democratic Republic of Congo, Madagascar, Mauritius, Mozambique, Namibia, South Africa, Tanzania, Zambia and Zimbabwe.

Final Words of Wisdom

In pursuit of following Putin’s policy to strengthen ties with the Global South, including Africa, Russia has to re-strategise and take up the existing critical challenges. Despite a noticeable increase in activity, Russia’s strategy on the continent faces several persistent structural limitations that require thoughtful responses. As geopolitical changes heat up, Russia has to understand the necessity to move ahead, back away from tectonic rhetoric and symbolism of diplomacy. By 2025–2026, the African continent had firmly established itself as a key area of ​​global competition and, simultaneously, one of the most important reserves of economic growth. For Russia, this is important to change the very logic of its African ties. It is logical to walk the talk. In other words, Russia’s relations with African countries have to shift from historical rhetoric to a more practical architecture of interests.

On December 19–20, 2025, the second ministerial conference of the Russia-Africa Partnership Forum was held in Cairo, with the Roscongress Foundation acting as the operator on the Russian side. The conference was attended by the heads of the African foreign ministries and the leaders of the continent’s integration associations. That conference has been defined as a key stage in the preparations for the third Russia-Africa summit, scheduled for October 2026. As noted by Russian Foreign Ministry spokesperson Maria Zakharova, the meeting is intended to “give additional impetus to the development of the Russian-African partnership and the strengthening of its truly strategic nature.”

For Moscow, institutionalising the format is crucial given the overall transformation of global politics. And ultimately, Africa is becoming a space where external players’ ability to not only declare respect for sovereignty but also propose practical mechanisms for cooperation is being tested. Russia’s strategy is built on combining political rhetoric about multipolarity with concrete areas of cooperation—from trade to energy, and food security to personnel training and military-technical cooperation. Economic spheres and building infrastructures are important for Africa, which is ready for foreign investors with adequate funds and not just geopolitical rhetoric. It has to be noted that Africa is a space of competition between external players.

The continent is an arena of intense competition, with China, the European Union, the United States, Turkey, India, and the Gulf states all operating simultaneously, each offering its models of interaction: from large-scale infrastructure financing to military cooperation and religious and cultural influence. African states are becoming increasingly pragmatic and multi-vector—they are consistently expanding their foreign policy space, weighing the conditions, benefits, and political costs.

In such an environment, the sustainability of Russia’s presence is determined by its ability to offer a concrete and replicable set of advantages. Anti-colonial rhetoric and appeals to historical legacy remain important, but they no longer provide a long-term advantage on their own. Each competitive proposition must be backed by institutional support.

At the St. Petersburg forum, there was a genuine international community of like-minded partners practically united by a common goal: networking and developing business cooperation. “The continued participation confirms the demand for building relationships of business trust and confidence with foreign partners from different regions, including the United States, Europe, the Middle East, Latin America, Asia and Africa,” said Alexander Stuglev, Chairman of the Board and CEO of the Roscongress Foundation. The Roscongress Foundation held the 29th St Petersburg International Economic Forum (SPIEF) from 3 to 6 June 2026.

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CANAL+ Eyes MultiChoice Turnaround as Stocks Debut on JSE

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CANAL+ JSE

By Adedapo Adesanya

CANAL+ has expressed confidence in its ability to turn around the fortunes of struggling broadcaster MultiChoice as it marks a milestone by becoming the first French company listed on the Johannesburg Stock Exchange (JSE).

The secondary listing of CANAL+ signals strong international confidence in South Africa’s capital markets and reinforces the JSE’s role as a conduit between global capital and African growth opportunities, it said in a statement.

CANAL+ enhances the JSE’s sectoral diversity and provides local investors with direct, rand-denominated exposure to a globally diversified media and entertainment business with a significant African footprint. CANAL+ listed on the London Stock Exchange in December 2024.

The group’s listing on the JSE aligns with its long-term strategy to expand its presence in high-growth markets, particularly in sub-Saharan Africa, where rising connectivity, a young and growing population (expected to increase by 800 million by 2050), strong GDP growth (4.5 per cent growth expected between 2026 and 2030) and accelerating demand for content and connectivity continue to drive sector growth.

The JSE listing will increase CANAL+ liquidity and enable African investors to benefit from CANAL+ growth.

According to Mr Maxime Saada, CEO of CANAL+ said, “Joining the Johannesburg Stock Exchange is a statement of our ambition and illustrates our belief in Africa’s future and its creative industry.

“We are proud to become the first French company ever to list in Johannesburg and the only global media and entertainment company listed on the exchange.

“Following our listing on the London Stock Exchange 18 months ago, this dual listing reinforces our ambition to be a bridge between Europe and Africa and anchors our dual-continental approach, consolidating our unique position in the global media and entertainment industry,” he said.

He noted that CANAL+ serves more than 40 million subscribers and generates €9bn in annual revenue.

“Africa will be our growth engine for years to come, and we are dedicated to creating value on the continent and sharing it with our African partners, investors and the creative community. By welcoming African investors, we deepen our roots, diversify our investor base and lay the foundation for the next phase of our growth.”

Commenting on the listing, Ms Valdene Reddy, Group CEO of the JSE, said, “We are proud to welcome CANAL+ to the JSE and to mark the first listing of a French company on our exchange.

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AfDB President Sees More African Nations Regaining Investment-Grade Ratings

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Sidi Ould Tah

By Adedapo Adesanya

The President of the African Development Bank (AfDB), Mr Sidi Ould Tah, says more African countries are likely to regain or achieve investment-grade credit ratings by next year as reforms begin to deliver results and economic growth accelerates.

Several African sovereigns have already been upgraded in recent months, including Nigeria. However, Nigeria is not yet near investment-grade status.

In May, S&P Global Ratings upgraded Nigeria’s sovereign credit ratings to ‘B’ with a stable outlook, citing structural reforms under President Bola Tinubu and key drivers like higher oil production and improved fiscal revenue.

The country is still five notches from investment-grade. Under S&P’s rating scale, the progression follows— B → B+ → BB- → BB → BB+ → BBB- (investment grade).

S&P raised Morocco to investment grade last year and increased South Africa by one level to BB in November. Ghana, Zambia, the Ivory Coast and Kenya have also benefited from positive rating action linked to fiscal, debt and economic reforms.

“We’re quite confident that the continent will continue to grow very strongly and that African countries will be better rated in the coming years,” Mr Ould Tah said in an interview with Bloomberg.

“We’ve seen Morocco receive investment grade during the last few months, and we expect other countries by next year to get toward that,” he added.

The outlook reflects improving fiscal positions and reforms implemented across countries on the continent, even as the conflict in the Middle East threatens to slow economic growth and raise costs for energy-importing nations. Better credit ratings can help countries borrow at lower rates and fund development projects.

The AfDB projects the continent’s gross domestic product expansion will accelerate to 4.4 per cent next year, if the conflict in the Middle East does not extend for a longer period. It expects the continent to slow to 4.2 per cent this year.

The war in Iran has benefited oil producers such as Nigeria, Angola and Gabon, while exerting pressure on the fiscal positions of net energy importers such as South Africa, Kenya, Ghana and Senegal.

Mr Ould Tah said the bank is ready to support countries facing budget constraints and high debt burdens due to the impact of the Iran crisis, including increasing credit lines to them.

“The board of directors of the bank will examine in the coming days how the bank can increase the volume of resources it will provide to its member countries in this specific situation,” he said.

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