Ghana: GCR Affirms Afreximbank's International Scale Ratings of a, A2

10 March 2026
Ghanaian Times (Accra)

African Export-Import Bank (Afreximbank) has welcomed GCR Ratings' ("GCR") latest rating action, which affirmed the Bank's international scale long-term and short-term issuer ratings of A and A2, respectively. The outlook was revised from "Rating Watch Evolving" to Stable.

GCR also affirmed the international scale long-term programme rating of A on Afreximbank's USD 5 billion Global Medium-Term Note (GMTN) Programme.

The improved rating reflects GCR's assessment of a robust counter-cyclical mandate, underpinned by a strong track record and ongoing preferential creditor treatment (PCT) from shareholders. South Africa recently became the latest country to affirm the Bank's Establishment Treaty and Preferred Creditor Status by signing the Instrument of Accession as a full sovereign member.

According to the report, Afreximbank's solid capitalisation and diversified funding profile provide significant buffers against emerging credit risks. GCR also highlighted the Bank's diverse shareholding base.

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The outlook change to Stable indicates immaterial downside risk related to sovereign debt restructurings.

Additionally, Afreximbank's risk management framework was independently assessed in 2025 and certified as compliant with ISO 31000:2018, demonstrating the Bank's commitment to best practices. This certification, issued by Certification Partner Global (CPG), followed rigorous independent assessments of Afreximbank's enterprise risk management framework, with zero non-conformities recorded.

This affirmation reinforces Afreximbank's position as the continent's leading trade finance institution, highlighting its resilience, governance, and adherence to international standards.

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