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SA, Tunisia reaffirm science diplomacy as a pillar for women’s empowerment

Source: Government of South Africa

SA, Tunisia reaffirm science diplomacy as a pillar for women’s empowerment

Science diplomacy must be harnessed as a tool to close gender disparity gaps, accelerate progress toward the United Nations Sustainable Development Goals, and inspire the next generation of girls to pursue careers in science.

This was the central message as South Africa and Tunisia jointly celebrated Women’s Month in Pretoria on Thursday, reaffirming their partnership in advancing women’s empowerment through diplomacy in science, technology and innovation (STI).

Both countries, which mark National Women’s Day in August, used the occasion to reflect on their shared history of women’s struggles and emancipation, while strengthening collaboration to address barriers to gender equality in science and innovation.

The event was hosted by the Department of Science, Technology and Innovation (DSTI) and the Embassy of Tunisia, with the theme: ‘The Role of Science Diplomacy in Women’s Empowerment: South African–Tunisian Experience’.

READ | Deputy Minister Gina to address SA-Tunisia Women’s Day celebration

Delivering the keynote address, Deputy Minister of Science, Technology, and Innovation, Nomalungelo Gina, stressed that “science knows no borders”. She called for deeper cooperation between South Africa and Tunisia.

“We are here to insist that science diplomacy without a gender dimension is incomplete. We, as women across borders, must start collaborating on joint scientific and research projects more than before. We must support each other across nations,” said Gina.

She highlighted achievements made since the signing of the 2010 STI cooperation agreement with Tunisia, including joint research projects worth over R14 million. 

The Deputy Minister reaffirmed South Africa’s commitment to inclusivity through policies such as the STI Decadal Plan, the Grassroots Innovators Programme, and targeted support for women in science, technology, engineering, and mathematics (STEM).

South Africa’s strides also include National Research Foundation funding instruments for Master’s and PhD studies, the annual South African Women in Science Awards (SAWiSA), and bursaries offered through the SA Radio Astronomy Observatory, which currently supports Tunisian researcher, Dr Raja Mchaalia.

Tunisia’s Ambassador to South Africa, Karima Bardaoui, outlined her country’s progress in advancing gender equality since independence in 1956. Women now make up more than 55% of science graduates and hold a high proportion of PhDs.

“We have implemented policies aimed at ensuring access to education for all and at providing knowledge, tools and opportunities that help bridge gender gaps and promote equality, regardless of gender, socioeconomic background, or geographic location,” said Bardaoui.

She said science diplomacy can help address underrepresentation in leadership, funding disparities, and cultural barriers, while inspiring the next generation of African women scientists.

The programme, supported by the Science Diplomacy Capital for Africa (SDCfA), featured thematic discussions with the African Union Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD), United Nations Women, the Commission for Gender Equality, and representatives from leading South African universities.

Programme Officer at AUDA-NEPAD, Dr Barbara Glover, urged greater visibility for women in science.

“Let us put women on the map so that the younger ones can see,” said Glover.

A recipient of National Research Foundation bursaries, Glover shared how science diplomacy enabled her to study in both Africa and Europe.

Founder of Traversing Liminality, Dr Lulamile Gwagwa, encouraged the DSTI to create a networking platform for SAWiSA participants to engage and collaborate. 

Recent SAWiSA winner, Dr Maurine Musie, said the awards inspired her to start a podcast on maternal and neonatal health in Africa. 

The event concluded with a united call to strengthen bilateral and continental partnerships that place women at the centre of science diplomacy.

Gina summed up the spirit of the day: “Women supporting each other, instead of competing against each other, bring a unity and strength like no other. Let’s hold hands and empower each other across our countries.” – SAnews.gov.za
 

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Final call for Gauteng public schools online applications

Source: Government of South Africa

Final call for Gauteng public schools online applications

The Gauteng Department of Education (GDE) has reminded parents and guardians that the 2026 Online Admissions Application Period for Grade 1 and Grade 8 in the province’s public schools will officially close at midnight.

“We urge all parents who have not yet completed the full five-step process to do so immediately. Failure to act before the deadline will result in disappointment and loss of placement priority,” said Gauteng Education MEC Matome Chiloane on Friday.

Parents are encouraged to apply now before applications close at midnight by visiting www.gdeadmissions.gov.za.

As of Thursday evening, at 19:15, the GDE Online Admissions System had recorded a total of 800 530 Grade 1 and Grade 8 online applications, with Grade 1 applications accounting for 345 493 applications and Grade 8 applications were at 455 037.

“We are concerned that a significant number of applications remain incomplete. To date, 52 929 incomplete applications have been recorded. These include parents who registered details but did not finalise school selections, and those who applied but failed to submit or upload the required documents,”  the MEC said.

Parents are reminded that certified copies of all required documents must be submitted to schools or uploaded online by 12pm on 9 September 2025. 

The proof of home address is particularly important, as placement is based on feeder zones. Applications without this document will be regarded as incomplete.

The department has reminded parents and guardians that incomplete applications will not be considered for placement offers. 

Similarly, applicants who submit fraudulent or invalid documents will forfeit placement offers as well.

Only learners with complete applications and verified documents will receive placement offers during the placement period, starting from 16 October 2025 until all learners are placed.

Placement is not based on a first-come, first-served basis but according to the following criteria, applied in order of priority:

  • Home address within the school’s feeder zone, closest to the school.
  • Sibling/previous school.
  • Work address within the school’s feeder zone.
  • Home address within a 30km radius.
  • Home address beyond a 30km radius.

–SAnews.gov.za

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African Union- Inter African Bureau for Animal Resources (AU-IBAR) and CAB International ink an Memorandum of Understanding (MoU) to strengthen SPS capacity and boost intra-African trade

Source: APO


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The African Union- Inter African Bureau for Animal Resources (AU-IBAR) and CAB International (CABI) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at enhancing sanitary and phytosanitary systems, improving food safety and advancing animal health across Africa.

CAB International, a global not-for-profit with over a century of expertise in agricultural and environmental solutions in 48 countries, 17 of which are African states, brings extensive networks, research capacity and the newly launched SPS strategy 2024-2034 that focuses on sustainable SPS capacity building and a safer trade. AU-IBAR, on the other hand, as the African Union’s specialized technical office on animal resources, provides continental leadership in livestock and fisheries development, supported by its role in policy formulation and regional coordination. 

Whereas CAB International offers global knowledge and innovations, AU-IBAR anchors continental policy frameworks such as the Food Safety Strategy for Africa (FSSA) 2022-2036 and the Continental SPS Policy Framework, therefore, complementing each other. 

The agreement lays the foundation for joint action in areas including:

  • Strengthening SPS capacity, food safety policies and inspection systems.
  • Enhancing animal health initiatives such as control of Peste des Petit Ruminants (PPR).
  • Facilitating knowledge sharing, digital advisories and early warming systems.
  • Promoting feed and fodder quality, One Health and climate-smart innovations.
  • Supporting youth and women in agribusiness through targeted platforms. 

By aligning their strategies, CAB International and AU-IBAR aim to further unlock regional trade opportunities while ensuring compliance with international SPS standards.

To ensure the MoU delivers tangible results, the two institutions have committed to:

  • Quarterly progress reviews to assess achievements in the priority areas.
  • Co-develop a roadmap and action plan that builds on existing resources and ongoing initiatives to avoid duplication of efforts.
  • Call for synergy and collaboration across African Member States, RECs and private sector actors.
  • Promote south-south and triangular cooperation as a model for sustainability and cross-learning. 

This partnership reflects a strong commitment to translating policies into practices, establishing and strengthening a common position for Africa’s animal resources in global trade, and ensuring safer and more resilient food systems. By pooling expertise and resources, AU-IBAR and CAB International are charting a course that addresses the day-to-day SPS challenges as much as builds a foundation for sustainable, inclusive growth in Africa’s livestock sector.

Distributed by APO Group on behalf of The African Union – Interafrican Bureau for Animal Resources (AU-IBAR).

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Cape Town Energy Conference to Highlight Somali Energy Opportunities with High-Level Delegation

Source: APO


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Somalia’s energy opportunities are expected to be a key feature of this year’s African Energy Week (AEW): Invest in African Energies conference, with Dahir Shire Mohamed, the country’s Minister of Petroleum and Mineral Resources, and Abdulkadir Aden Mohamud, CEO of Chairman of the Somali Petroleum Authority, speaking. Their participation comes as Somalia targets new exploration and production frontiers, striving to identify, develop and unlock value from its underexplored hydrocarbon basins.

AEW: Invest in African Energies 2025 presents a strategic platform for the Ministry of Petroleum and Mineral Resources and the Somali Petroleum Authority to engage with potential investors. As the premier meeting place for the African energy sector, the event unites leading exploration and production firms with African governments and policymakers, with a view to driving investment across the entire energy sector and its value chain. The participation of the Somali delegation not only reflects the country’s commitment to attracting investment in its untapped energy prospects, but its drive to engage with regional and global counterparts.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

As a largely underexplored oil and gas market, Somalia offers lucrative prospects for explorers seeking play-opening discoveries in frontier markets in Africa. While initial exploration efforts halted in the 1980s, a renewed drive by the Ministry of Petroleum and Mineral Resources to attract investment and innovation across oil and gas basins is creating promising avenues for global companies and regional neighbors. Notably, in March 2024, Somalia signed an agreement with Turkey granting it exclusive rights to explore and produce hydrocarbons in three offshore blocks. Under the terms of the agreement, Turkish vessel Oruç Reis will be deployed to identify exploration and drilling opportunities over an area covering 5,000 km². The first phase of exploration comprises the acquisition of 3D seismic data to identify potential oil deposits. As of October 2024, the seismic research vessel was dispatched to Somalia.

The development is just one of many agreements signed by companies seeking forays into Somalia’s oil and gas frontier. Turkey’s state-owned energy company TPAO also signed a deal with the Somali government for joint onshore exploration in Somalia. The agreement will see TPAO carry out oiland gas research operations inland Somalia. Additionally, an agreement was signed between the Somali government and Liberty Petroleum in 2024, granting the company exploration rights for three offshore blocks within the country’s deepwater zone.

These agreements follow a deal signed between the Somali government and Coastline Exploration in 2022 for seven blocks. Coastline Exploration committed to conducting a 3D seismic campaign, targeting new drilling prospects. A 2D seismic acquisition program led by TGS in 2014 showcased the potential for up to 30 billion barrels of crude across 15 blocks in the country, underscoring the level of potential across the offshore margin. To unlock this potential, more investment in needed in both seismic acquisition and frontier drilling. AEW: Invest in African Energies 2025 will be a strategic platform for advancing expenditure across Somali’s market, with the Ministry of Petroleum and Mineral Resources set to outline commercial prospects.

Meanwhile, as the country’s petroleum regulator, the Somali Petroleum Authority is at the helm of attracting investment across Somalia’s exploration plays. The organization has been engaging with potential operators in recent years, revising existing regulation and promoting acreage with a view to entice new players to the market. Notable developments include the revision of the country’s Production Sharing Contract model and Tender Protocol, both of which were designed in parallel with the country’s launch of its 2020 licensing round. Fiscal terms associated with these documents reflect the government’s intention to attracting new capital to the market. During AEW: Invest in African Energies 2025, the Somali Petroleum Authority is expected to shed light on these policies.

“As one of Africa’s final frontiers for oil and gas exploration, Somalia offers significant opportunities for exploration and production companies. Recent agreements signal a renewed push by international stakeholders to unlock the potential of Somalia’s oil and gas market, while regulatory developments led by the Ministry of Petroleum and Mineral Resources and the Somali Petroleum Authority reflect the commitment of the government to working with investors,” states NJ Ayuk, Executive Chairman, African Energy Week.

Distributed by APO Group on behalf of African Energy Chamber.

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Justice Minister saddened by the passing of Judge Tlhapi

Source: Government of South Africa

Friday, August 29, 2025

Justice and Constitutional Development Minister Mmamoloko Kubayi has sent condolences on the passing of Judge Vuyelwa Vivienne Tlhapi.

Tlhapi, who served at the Gauteng North High Court in Pretoria, passed away last week Thursday. She was widely respected for her analytical jurisprudence, integrity and commitment to strengthening the rule of law.  

Throughout her distinguished career, Tlhapi advanced justice, accountability and good governance through landmark rulings, including the restoration of the AmaRharhabe kingship, the order compelling the release of records relating to the Nkandla project, and judgments reinforcing principles of fair process. 

Tlhapi devoted her life to public service, beginning as a Magistrate, progressing through private practice where she co-founded her own firms, and serving as an Independent Electoral Commission commissioner during South Africa’s first democratic elections.

She was selected for the pioneering Bridget Mabandla Aspirant Judges Programme and appointed a judge in 2010, earning a reputation for fairness, integrity, and dedication to constitutional and administrative justice.

Kubayi has extended her heartfelt condolences to Tlhapi’s family, colleagues and the broader legal fraternity.

“The justice family is poorer with the passing of Judge Tlhapi. Her unwavering commitment to justice, transparency, and fairness has left an enduring legacy in our courts,” said Kubayi – SAnews.gov.za 

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President Ramaphosa arrives in Zimbabwe for working visit

Source: Government of South Africa

President Cyril Ramaphosa has arrived in Harare, Zimbabwe, at the invitation of His Excellency Dr Emmerson Dambudzo Mnangagwa, President of the Republic of Zimbabwe, for a working visit.

The President will also participate, as a Guest of Honour, in the Official Opening of the Zimbabwe Agricultural Show.
The Zimbabwe Agricultural Show is an annual event organised by the Zimbabwe Agricultural Society to facilitate and promote agricultural development in the country.

This year, the show will be celebrating its 130th Anniversary since its founding in 1895 and will run under the theme “Building Bridging: Connecting Agriculture, Industry and Commerce”.

In 2024, the show attracted 570 exhibitors, including 13 international exhibitors. About 230 000 visitors visited the show last year.
The visit will also provide the President with an opportunity to solidify the cordial relations that exist between South Africa and Zimbabwe, particularly in the economic sector.

“The Zimbabwe Agricultural Show will also help promote intra-regional trade and economic integration within the Southern African Development Community (SADC) region.

“Zimbabwe is one of South Africa’s main trading partners in the SADC region. In 2024, South Africa exported R 69,21 billion worth of goods and merchandise to Zimbabwe compared to R 57,5 billion in 2023. Vegetables were the main exports and contributed R11,9 billion to the total exports to Zimbabwe,” the Presidency said on Friday.

In terms of imports, in 2024, South Africa imported R5.4 billion worth of goods and merchandise from Zimbabwe compared to R R4.4billion in 2023.

Over 120 South African companies are doing business in Zimbabwe in various sectors including, among others, mining, aviation, tourism, banking, property, retail, construction and fast food.

Former President Nelson Mandela had graced this event as a Guest of Honour on 26 August 1994.

During the working visit, President Ramaphosa will be supported by the Deputy Minister of International Relations and Cooperation, Alvin Botes, and senior government officials. –SAnews.gov.za

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Operation Vala Umgodi nets 215 suspects

Source: Government of South Africa

Friday, August 29, 2025

The South African Police Service’s nationwide Operation Vala Umgodi has led to the arrest of 215 suspects of different nationalities.

“These suspects were arrested for illegal mining related offences and various other serious crimes such as unlawful possession of explosives, unlawful possession of unlicensed firearms, illegal possession of gold bearing material, illegal possession of precious metals, possession of gold processing equipment and contravention of the Immigration Act,” the South African Police Service (SAPS) said in a statement.

The arrests were effected between 18 and 24 August.

Meanwhile, members deployed under Operation Vala Umgodi have secured yet another effective jail sentence for two Mozambican nationals. On 20 August, the Polokwane Regional Court sentenced 28-year-old Adam Sithole and 22-year-old Musa Mlambo to 10 years direct imprisonment each after they were convicted of charges relating to unlawful mining and contravention of the Immigration Act.

“Operation Vala Umgodi is a testament to the government’s commitment to combating these criminal networks and protecting the country’s mineral resources,” the police said. – SAnews.gov.za

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SA appoints economic experts to produce G20 report on global wealth inequality

Source: Government of South Africa

With the state of global inequality set to worsen, South Africa’s Group of Twenty (G20) Presidency has launched a historic initiative that will deliver a report on global inequality.

“South Africa’s G20 Presidency is proud to launch an initiative that will target this issue of global wealth inequality – a first for the G20 – and offer a practical way forward. 

“We are honored to host a group of the world’s most respected economic experts, led by Professor Joseph E. Stiglitz, to produce a report that will be presented to G20 Leaders,” President Cyril Ramaphosa said on Thursday.

The President commissioned an Extraordinary Committee to produce a report on global inequality amid macroeconomic fears that global wealth and income inequality, which was already very high, is set to sharply accelerate.

Recent analysis shows that the world’s richest 1% have increased their wealth by more than US$33.9 trillion in real terms, since 2015 – more than enough to eliminate annual global poverty 22 times over.

New shocks to global trade patterns, international financing and critical minerals flows, along with the intensification of problems created by sovereign debt overhang and imbalanced tax regimes, are creating uncertainties for policymakers, consumers and firms, and look likely to deepen the divide.

According to The Presidency, inequality of this scale poses a serious systemic risk to global economic, social and political progress.

The six independent experts are Professor Joseph E. Stiglitz (Nobel Economics Prize Laureate, USA); Dr Adriana E. Abdenur (Brazil); Ms Winnie Byanyima (Uganda); Professor Jayati Ghosh (India); Professor Imraan Valodia (South Africa), and Dr Wanga Zembe-Mkabile (South Africa). 

The experts will report on the state of wealth and income inequality, their impacts on growth, poverty and multilateralism, and present a menu of effective solutions for leaders.

“People across the world know how extreme inequality undermines their dignity and chance for a better future. They saw the brutal unfairness of vaccine apartheid, where millions in the Global South were denied the vaccines to save them. 

“They see the impacts of rising food and energy prices, debt and trade wars, all driving this growing gap between the rich and the rest of the world, undermining progress and economic dynamism. A new oligarchy in our global economy is becoming apparent,” the President said.

Stiglitz said inequality has widened to extremes that threaten democracy itself and should be a concern of all.

“…The profound rise in the discontents of mismanaged globalisation, which in many places has contributed to this growth of inequality, is also evident. 

“Inequality was always a choice – and G20 nations have the power to choose a different path on a range of economic and social policies. I am grateful to President Ramaphosa for placing inequality as central to the G20 agenda.

“The burgeoning body of scholarship on the causes of, and ways of reducing inequality, can help us to redress the great divide that has grown enormously in recent years. Our task must now be to translate the evidence and public’s palpable anger at the great divide into sound, practical and transformative policy proposals for G20 leaders,” he said.

Professor Ghosh, of the University of Massachusetts at Amherst, said policymakers the world over are asking for evidence-based, practicable strategies to reduce inequality – and a new playbook to deal with the fractured and financialised 21st century political economy.

“It is a great privilege to have an opportunity to address this, provided by South Africa’s G20 Presidency. We must move away from depending on economic orthodoxies that generate business-as-usual strategies rather than grappling with complex and inconvenient truths.

“The longer-term trend of worsening inequality reflects ongoing processes accentuated by shocks, from the 2008 financial crisis to the 2020 pandemic. We now see a “perfect storm” of shocks, from tariffs being weaponised to push for deregulation, to the slashing of life-saving aid, to uncertainty affecting private investment and employment — all in the context of worsening climate change,” Ghosh said.

These further increase the wealth of the rich and aggravate poverty and insecurity among the majority. 

“This makes our work all the more urgent,” she emphasised.

Further details of experts are as follows:

  • Professor Joseph Stiglitz (USA): a Nobel Laureate in Economics; university professor at Columbia University and chief economist of the Roosevelt Institute.
  • Dr Adriana E. Abdenur (Brazil): a Brazilian social scientist, former Special Advisor in International Affairs in the office of President Lula of Brazil; co-founder of the Brazilian think tank, Plataforma CIPÓ, and current co-President of the Global Fund for a New Economy (GFNE).
  • Ms Winnie Byanyima (Uganda): Executive Director of UNAIDS and an Under-Secretary General of the United Nations; Convenor of the Global Council on Inequality, AIDS and Pandemics, and co-founder and co-chair of the People’s Medicines Alliance.
  • Professor Jayati Ghosh (India): Professor at the University of Massachusetts at Amherst, and Co-Chair: International Commission for the Reform of International Corporate Taxation.
  • Professor Imraan Valodia (South Africa): Professor of Economics; Pro Vice-Chancellor: Climate, Sustainability and Inequality, and Director of the Southern Centre for Inequality Studies, University of the Witwatersrand.
  • Dr Wanga Zembe-Mkabile (South Africa): Senior Specialist Scientist in the Health Systems Research Unit of the South African Medical Research Council, and an Extraordinary Professor at the UWC School of Public Health.

The G20 Extraordinary Committee of Independent Experts on Global Wealth Inequality is a special project located in the G20 Sherpa’s Office in the Department of International Relations and Cooperation of South Africa. – SAnews.gov.za

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Gauteng government condemns intimidation of private vehicle owners

Source: Government of South Africa

Gauteng MEC for Roads and Transport Kedibone Diale-Tlabela has strongly condemned reports of alleged intimidation, and coercion of commuters and private vehicle owners by some public transport operators. 

“Any form of bullying or coercion on our roads is unacceptable. Our officers are actively intervening to protect the public and uphold peace. 

“Commuters’ constitutional right to choose their preferred mode of transport is fully protected,” the MEC said on Thursday.

In January 2025, the Department of Roads and Transport established the Public Transport Crisis Committee, chaired by the MEC, and sits on Fridays, to coordinate with all stakeholders in the taxi, bus, e-hailing and scholar transport sectors.

“We are bringing all industry stakeholders under one roof to ensure that operations comply with the law and that commuters are treated fairly,” the MEC said.

She has also cautioned public transport users against making use of unregistered e-hailing operations and encouraged commuters to utilise recognised, legal and known platforms. 

“Law enforcement has been deployed in areas where illegal practices have been reported. Gauteng residents deserve a safe, reliable, and lawful transport system. We are committed to ensuring that every commuter can travel without any form of fear or intimidation,” Diale-Tlabela said.

The department’s Gauteng Transport Inspectorate (GTI) continues to work in restoring law and order on the province’s public roads. 

This week, the GTI was able to impound over 16 vehicles for various offences, including for illegal operations and vehicle unroadworthiness.

Enforcement operations, including vehicle impoundment, are conducted in line with the National Land Transport Act.

READ | Maponya Mall shooting a threat to public transport system stability

“We will not allow lawlessness, illegal operations and unroadworthy vehicles to put commuters’ lives at risk.

“Our law enforcement teams are on the ground to ensure peace, enforce compliance and lawful operations at all times. The safety and rights of our commuters are non-negotiable,” Diale-Tlabela said. – SAnews.gov.za

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Senegal’s rating downgrade: credit agencies are punishing countries that don’t check their numbers

Source: The Conversation – Africa – By Daniel Cash, Reader in Law, Aston University

Senegal’s dramatic two-notch credit rating downgrade in February 2025 by the credit rating agency Moody’s was followed by a Standard & Poor’s downgrade in July.

Moody’s decision marked a three-notch deterioration in Senegal’s rating in four months. The scale of the revisions was rare, especially for countries not already in default or active restructuring.

The ratings collapse triggered a selloff in Senegal’s Eurobonds. It also cast a shadow over the country’s ongoing negotiations with the International Monetary Fund.

More broadly, it sent a signal about how the credit rating agencies are now responding to governance failures, not just macroeconomic trends. For others watching closely, this was not just a market correction, it was a warning.

So why did it happen?

A report released by Moody’s in July 2025 on “large, unaccounted for debt increases” provides context. The report looked at how fiscal transparency failures – situations where governments provide incomplete, outdated or inaccurate information about their debts and budgets – undermine sovereign creditworthiness. This applies globally, not just to African countries.

Moody’s research centres on stock-flow adjustments. This is the gap between how much a government’s total debt rises in a year, and what that increase should be, based on the officially reported budget deficit. In other words, if a country runs a US$5 billion deficit, you would expect its debt to rise by about US$5 billion. When that debt increases by much more (or less), it suggests that something is missing or misreported in the official data.

The research demonstrates a clear correlation between large stock-flow adjustments and weaker governance scores.

Moody’s downgrade of Senegal’s sovereign rating, and its research report, underscore how transparency and governance issues are increasingly influencing sovereign credit assessments. Rating agencies have improved their methodologies to capture these risks. Governance factors now represent about 25% of sovereign ratings across major agency frameworks.

In addition, transparency issues are showing up as a stumbling block in debt restructuring negotiations. Zambia’s restructuring process took 3.5 years (2021-2024), partly due to transparency complications. Ethiopia’s ongoing restructuring (since 2021) demonstrates similar challenges. For its part, Ghana’s relatively faster process benefited from greater initial debt transparency.

As a researcher who has looked closely at the working of rating agencies, I suggest that Moody’s comprehensive analysis provides governments with a diagnostic tool as well as an early warning system for potential transparency issues.

The message for sovereign debt managers is clear: in an era of enhanced transparency requirements and sophisticated rating methodologies, the quality of fiscal data has become inseparable from creditworthiness.

Early warning signs

Moody’s research found that large and persistent stock-flow adjustments often signal weak fiscal transparency. And that, over time, they reflect incomplete reporting and weak expenditure controls.

Critically, Moody’s noted that

frontier markets in Sub-Saharan Africa and Latin America have experienced the biggest stock-flow adjustments over the past decade.

There are many technical drivers behind stock-flow adjustments. Many are often legitimate. These can include debt management operations, asset acquisitions, arrears clearance and statistical revisions.

But Moody’s research pointed out that these technical reasons accounted for only half of the stock-flow adjustments. The other half remained unexplained – an indicator Moody’s treats as a serious red flag for fiscal credibility.

Senegal’s transparency failures

Senegal’s situation exemplifies how transparency gaps can rapidly destabilise sovereign credit profiles.

Following the March 2024 election audit findings by Senegal’s Inspectorate of Public Finances, its Court of Auditors report revealed “substantially weaker fiscal metrics” with “central government debt at close to 100% of GDP in 2023, around 25 percentage points higher than previously published”.

The scale of the revisions was unprecedented: debt-to-GDP ratios jumped from a reported 74.4% to 99.7% for end-2023. The fiscal deficit was revised upward from 4.9% to 12.3% of GDP.

Moody’s assessment was unambiguous:

The scale and nature of the discrepancies portray a much more limited fiscal space and higher funding needs than previously thought, while also indicating material past governance deficiencies.

The rating impact was swift and severe. Moody’s downgraded Senegal’s rating to B3 from B1 in February 2025, changing the outlook to negative, following an earlier downgrade from Ba3 in October 2024.

Senegal’s debt metrics reflect the severity of the fiscal challenge. The International Monetary Fund estimates Senegal’s debt reached 105.7% of GDP by end-2024, with gross financing requirements – the total amount the government needs to repay and borrow again to keep functioning – projected at around 20% of GDP in 2025 by the Senegalese budget.

The International Monetary Fund suspended its US$1.8 billion Extended Credit Facility in June 2024 following the misreporting discovery. However, the fund, in a note on negotiations during an August 2025 staff visit that was focused on working with Senegal in light of the post-election audits, wrote:

The IMF staff team commended the Senegalese authorities on their commitment to fiscal transparency and accountability, following their disclosure of the large misreporting that occurred over the past few years.

Troubling patterns

Moody’s emphasises that stock-flow adjustments occur across all regions and income levels. But the persistence and magnitude differ significantly by region. Recent African cases demonstrate particularly troubling patterns.

Some examples include:

Why this matters

The economic logic of the correlation between large stock-flow adjustments and weaker governance scores is straightforward. Persistent positive stock-flow adjustments indicate that fiscal deficits may not accurately represent government financing needs. As Moody’s explains:

when stock-flow adjustments are positive, a higher primary balance is required to stabilise debt over the long term.

This creates both fiscal and credibility challenges that rating agencies must incorporate into their assessments.

For countries with histories of significant adjustments, Moody’s notes it may

make a more negative assessment of fiscal policy effectiveness.

Transparency matters too because a lack of it can complicate debt restructuring efforts. An example is negotiations under the G20 Common Framework, which aims to coordinate debt relief among official and private creditors.

The process depends on clear and comprehensive debt data to determine how much relief is needed, and who should provide it. When key debts are hidden, disputed, or poorly recorded, the entire negotiation slows down, or stalls entirely.

The way forward

The convergence of rating methodology enhancements and transparency requirements creates both challenges and opportunities for sovereign borrowers.

Improving fiscal data systems is no longer merely a technical accounting exercise. It’s a strategy for maintaining market access and creditworthiness.

The rating agency response suggests this trend will intensify.

For emerging and frontier market sovereigns, there are clear incentives for transparency improvements. Research shows governance improvements lead to decreased “spreads” in the market, while poor governance adds 50-200 basis points to sovereign spreads.

In other words, for sovereign borrowers, it pays to demonstrate better governance; investors clearly respond positively to the prospect of investing in borrowers who have clearly defined and transparent governance structures.

From warning to opportunity

Senegal’s case illustrates how transparency failures can trigger rapid and severe credit deterioration. But it also demonstrates the rating agencies’ increasing sophistication in detecting and penalising such weaknesses.

Sovereign borrowers shouldn’t view enhanced transparency requirements as burdensome oversight. They are opportunities to reduce borrowing costs.

– Senegal’s rating downgrade: credit agencies are punishing countries that don’t check their numbers
– https://theconversation.com/senegals-rating-downgrade-credit-agencies-are-punishing-countries-that-dont-check-their-numbers-261583