Afreximbank has pushed back against its departure from Fitch Ratings, arguing that the agency's framework failed to capture the structural shift in how African trade finance is funded.
The bank's leadership contends that traditional rating models overlook the resilience of intra-African trade flows and the growing pool of local currency funding that underpins the institution's balance sheet.
George Elombi, president and chairman of the African Export-Import Bank, emphasized that accurate credit assessment is a prerequisite for the continent's industrial future.
The dispute follows Afreximbank's recent upgrade to BBB+ by another major rating agency, a milestone that places the lender in investment-grade territory.
George Elombi, president and chairman of the African Export-Import Bank, emphasized that accurate credit assessment is a prerequisite for the continent's industrial future.
He suggested that outdated methodologies risk mispricing the creditworthiness of African financial institutions, potentially limiting access to long-term capital for infrastructure and manufacturing projects.
The bank's stance highlights a broader tension between global rating agencies and emerging-market lenders.