The United Nations Development Programme (UNDP) has concluded a technical assistance mission to support Sierra Leone in its pursuit of a sovereign credit rating; a move aimed at strengthening the country’s ability to access international capital markets and attract foreign investment.
This initiative follows a formal request by the Ministry of Finance for support in building capacity and mobilizing sustainable financing for national development. The mission, led by UNDP Africa’s Chief Economist Dr. Raymond Gilpin and international credit ratings expert Mr. Kelvin Dalrymple, is part of UNDP Africa’s technical assistance initiative to support countries to better prepare and understand the credit rating methodologies, data requirements and processes for improved ratings.
As part of the engagements, the UNDP team engaged with key national stakeholders, including the Minister of Finance, Sheku Ahmed Fantamadi Bangura, and the Governor of the Bank of Sierra Leone, Dr. Ibrahim L. Stevens, private sector and the development partners.
Minister Bangura welcomed the initiative, describing it as “timely and strategic” in helping Sierra Leone move towards innovative financing solutions and to help Sierra Leone unlock new financing avenues by improving its creditworthiness and reducing its borrowing costs. “Our aim is to broaden the space for resource mobilization, attract private investment, and build resilience within the economy. Securing a sovereign credit rating is central to achieving these goals,” he said.
Sierra Leone remains unrated by any of the three major international credit rating agencies, Moody’s, S&P, and Fitch. The absence of a formal rating limits the country’s ability to negotiate favourable lending terms and attract credible private sector investment.
“Credit ratings play a critical role in shaping how global markets perceive a country’s economic and financial health. UNDP is committed to supporting Sierra Leone in building the systems, skills, and institutional readiness necessary to secure and sustain a favourable credit rating’’ said Dr. Gilpin
Kelvin Dalrymple, speaking during a stakeholder session at the Ministry of Finance, emphasized the importance of high-quality data and clear communication in the credit rating process. “Data is the foundation of credit ratings, not just the quantity, but the quality and reliability of it,” he stated.
In his remarks, the Director of Public Debt Management at the Ministry of Finance, Mathew Sandy acknowledged that such technical capacity building has the potential to better position the country to attract international capital and catalyse transformative investments.
“We thank UNDP for considering our request and providing us with experts for capacity building,” Sandy noted.
UNDP’s support includes a readiness assessment, capacity building for national institutions, policy and data reviews, and the development of a roadmap for acquiring a sovereign credit rating. The credit rating initiative will also enhance Sierra Leone’s ability to negotiate public-private partnerships and secure external investment in key sectors such as energy, agriculture, and education.
This mission marks a critical step in Sierra Leone’s journey toward financial resilience, economic transformation, and sustainable development.
