By Collins Masai | 9th March, 2026 | Mombasa
The Government of Kenya, in collaboration with the United Nations Development Programme (UNDP) and AfricaCatalyst, has convened the inaugural Interagency Retreat on Sovereign Credit Ratings in Mombasa, aimed at strengthening Kenya’s institutional coordination and engagement with international credit rating agencies.
The week-long retreat, running from March 8 to March 14, 2026, is being held under the Africa Credit Ratings Initiative, a joint programme between UNDP and AfricaCatalyst designed to help African countries improve their engagement with global credit rating systems.
Speaking during a press briefing at the PrideInn Paradise Beach Resort in Mombasa, Dr. Raymond Gilpin, Chief Economist and Head of Strategy, Analysis and Research at UNDP’s Regional Bureau for Africa, said improving how countries present and manage economic data is critical in shaping credit ratings.
Dr. Gilpin noted that credit ratings often become the main signal investors rely on when assessing African economies.
“When an investor looks at a country like Kenya, they see risk. In a data-scarce environment, the primary signal the market sees is the credit ratings,” he said.
He explained that gaps in data availability and understanding of the credit rating process can affect how countries are assessed, adding that UNDP is working with governments to strengthen capacity so they can better present their economic realities.
“With enhanced and improved data sources that truly tell Kenya’s story, the country will be able to negotiate from a position of strength,” Dr. Gilpin added.
UNDP says its Africa Credit Ratings Initiative provides advisory services, capacity building workshops and technical support to help African governments better engage with rating agencies and improve access to development financing.
Veronica Kalema, a consulting advisor under the UNDP initiative, said sovereign credit ratings primarily assess a country’s ability and willingness to repay debt, noting that Kenya’s current public debt level remains a key factor considered by rating agencies.
“Credit ratings assess whether a government can repay its debt, both interest and principal, in full and on time,” Kalema explained.
However, she noted that improvements in policy direction and economic management can gradually strengthen ratings.
“Improving a rating is a gradual process. It doesn’t happen overnight, but it shows that improvement is possible,” she said.
Also speaking at the briefing, Pratik Patel, Bureau Chief for East and Southern Africa at AfricaCatalyst, said credit ratings have a direct impact on the cost of borrowing for governments.
“Every sub-investment grade rating increases the cost of borrowing. That means more revenue goes into repaying debt instead of investing in hospitals, schools and other development priorities,” Patel said.
He added that improving understanding between governments and credit rating agencies is critical to ensuring fair and accurate assessments.
“An important part of our work is helping governments understand precisely how credit rating agencies assess risk and how countries can prepare better for those evaluations,” he said.
The retreat has brought together senior government officials, development partners and technical experts to strengthen collaboration across institutions involved in managing Kenya’s sovereign credit profile.
Organisers say the discussions will culminate in the development of a roadmap aimed at improving Kenya’s credit rating outlook, which could ultimately lower borrowing costs and increase access to international financing.
According to UNDP, improving credit ratings across Africa could unlock billions of dollars in development financing and significantly reduce the cost of capital for governments on the continent.
