The African Export-Import Bank has regained investment-grade status after S&P Global Ratings assigned the institution a BBB+ rating with a stable outlook, marking the first time in nearly 12 years that the agency has formally assessed the lender.
According to Reuters, the rating places Afreximbank above Moody’s Baa2 assessment and represents a significant endorsement of the bank’s financial strength, growth trajectory, and strategic role in supporting trade and development across Africa.
The decision comes months after Afreximbank severed ties with Fitch Ratings following disagreements over the agency’s assessment of the bank’s involvement in sovereign debt restructuring discussions related to Ghana and Zambia.
Reuters reported that S&P cited Afreximbank’s proven track record as a countercyclical lender and the substantial support it receives from shareholders as key factors behind the investment-grade rating.
The upgrade comes as Afreximbank enters a new phase under the leadership of Dr. George Elombi, who now leads one of Africa’s most influential development finance institutions.
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According to Reuters, S&P highlighted the remarkable expansion of Afreximbank over the past decade.
The agency noted that the bank’s total assets increased from approximately $7.1 billion in 2015 to $42.3 billion by the end of 2025, underscoring its growing influence within Africa’s financial ecosystem.
The institution’s growth accelerated during the tenure of former President and Chairman Benedict Oramah, who oversaw a significant expansion of the bank’s activities across trade finance, industrial development, infrastructure funding, and regional integration initiatives.
Reuters reported that S&P recognised Afreximbank’s ability to provide financing during periods of economic stress, helping governments and businesses access capital when traditional funding channels become constrained.
The rating agency also addressed the ongoing debate surrounding the bank’s claim to preferred creditor status, a designation commonly granted to institutions such as the International Monetary Fund and the World Bank.
While S&P did not include preferred creditor status in its rating assessment, Reuters reported that the agency acknowledged the lender’s exposure to sovereign debt restructurings, particularly in Ghana and Zambia.
The agency cautioned that future sovereign debt restructuring processes elsewhere on the continent could present risks to the bank’s asset quality, although it maintained a stable outlook.
What This Means For Africa
The restoration of Afreximbank’s investment-grade rating is an important development for Africa’s financial sector because credit ratings directly influence borrowing costs, investor confidence, and access to international capital markets.
A stronger rating enhances the institution’s ability to raise capital at competitive rates, potentially allowing it to expand financing support for African governments, businesses, exporters, and strategic development projects.
For Dr. George Elombi, who now leads the institution, the rating provides a strong foundation as he guides Afreximbank through its next phase of growth and continental engagement.
The upgrade also reinforces confidence in African-led financial institutions at a time when many countries are seeking greater financial independence and alternative sources of development financing.
Afreximbank has become a critical player in supporting trade, industrialisation, infrastructure development, manufacturing, and regional economic integration, particularly through initiatives linked to the African Continental Free Trade Area.
The rating decision may further strengthen the bank’s ability to mobilise capital for projects that support economic transformation across the continent while positioning Africa more strongly within global trade and investment networks.
At the same time, the discussion around preferred creditor status highlights broader questions about how development finance institutions should be treated during sovereign debt restructuring processes.
As debt sustainability remains a key issue in parts of Africa, these debates are likely to continue shaping the continent’s financial landscape.
For investors and policymakers alike, the rating upgrade sends a positive signal about Afreximbank’s resilience, institutional strength, and long-term role in supporting Africa’s economic development ambitions.
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Image Credit: Intra-African Trade Fair – IATF
