The G20 South Africa summit in November marks a historic moment as the first G20 summit held on the African continent. What are your expectations for this event?

The G20 South Africa summit is more than a symbolic milestone; it is a moment to reset the global economic conversation, placing the African continent at the center. South Africa’s presidency brings a sharp focus on issues that the continent is facing every day — climate vulnerability, development finance gaps and the need for inclusive growth. These are topics of global importance, and Africa is central to all of them.

Can you elaborate on why Africa is of such critical importance in a global context?

As the world's second-largest continent, Africa is home to 54 countries, of which S&P Global Ratings rates 26 sovereigns, at their request. 

Africa is not just a growth frontier market; the continent is a strategic lever for the global economy. With estimated GDP growth of about 4% in Africa in 2025 — nearly triple that of advanced economies — the continent is increasingly pivotal. But its significance extends beyond output: It holds many of the mineral inputs and innovation pathways critical to the energy transition.

Africa is a crucial supplier of the commodities necessary for a successful energy transition, particularly critical minerals. Without these natural resources, it will be impossible to build the infrastructure required for the next stages of the transition. 

At the same time, Africa itself is rapidly expanding access to, and demand for, electricity. Roughly 600 million people in sub-Saharan Africa lack access to electricity, but the World Bank, together with the African Development Bank, is leading a multibillion-dollar initiative to finance access to electricity to 300 million people by 2030.

Any just energy transition must ensure that the benefits of electrification are available to all, fostering inclusive economic growth and prosperity. 

There has been much discussion about the financing gap for transition and adaptation in low-income countries. What is your perspective on this?

The financing gap is one of the most pressing barriers to a just energy transition, and it is an area of focus at S&P Global Ratings, as we provide transparency and insights to investors through our credit ratings, Second Party Opinions and thought leadership research. Despite growing global awareness, real obstacles remain. Limited access to credit enhancement, fragmented investor participation and underdeveloped local capital markets continue to constrain progress.

African countries are the most exposed to physical risks, and no successful global energy transition can happen without them. Without strong global mobilization from all stakeholders, the financing gap will continue to grow, undermining long-term financial stability.

What strategies do you believe are necessary to attract finance to Africa? 

Mobilizing the private sector is essential for accelerating progress toward sustainable development goals. Multilateral institutions also play a key role in connecting an innovative funding ecosystem and driving sustainable growth in the region.  

Furthermore, we are seeing growing innovation in sustainable finance. For instance, South African banks have actively engaged in local-currency green issuances over the past two years.

What steps are essential for drawing investment to Africa?

Deep, well-functioning local capital markets would enhance Africa’s long-term growth and resilience. Our role is to reduce information asymmetry through our credit ratings and provide transparency and comprehensive data and insights to help investors make informed investment decisions across the continent. These tools are imperative to attract more private capital across Africa. 

While the development of domestic capital markets may take time, it is vital for bridging the financing gap and fostering private sector development, which is essential for long-term sustainable growth. Larger nations like South Africa and Nigeria have the potential to expand their capital markets, but there is also a significant opportunity for regional markets to emerge, leveraging common currencies, regional economic communities or monetary unions.

What do you believe is necessary for Africa to succeed amid these challenges and opportunities?

Africa’s potential is immense, but it needs unlocking, and that requires coordinated action, smart policies and investor confidence. We are optimistic, not just because of the data, but because of the leadership and innovation that we see on the ground. At S&P Global Ratings, we are committed to playing our role in this journey through our insights, thought leadership and credit ratings.