Ratings Mark Progress

In large part, sub-Saharan Africa remains marginalised from international capital flows, due essentially to a legacy of political instability, poor governance and a concomitant difficulty in obtaining reliable investment information. Out of a total global US$135bn in FDI in 2003, the area was the recipient of just US$9bn (6%). However, the UN Development Programme and Standard & Poor's (S&P) are working closely together in a bid to improve the information environment for investors, as a means of attracting long-term capital. Between last September and May 2004, the Republic of Benin (B+), Burkina Faso (B), the Republic of Cameroon (B), the

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