ECIC AR 2024 9TH

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Integrated Report 2024

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4: Good credit quality. “4” rating indicates that there is currently a low expectation of credit risk. The capacity for timely payment of financial commitments is considered adequate, but adverse changes in circumstances and in economic conditions is more likely to impair this capacity. 5: Speculative. “5” rating indicates that there is a possibility of credit risk developing, particularly as the result of adverse economic change over time; however, business or financial alternatives may be available to allow financial commitments to be met.

6: Highly speculative. “6” rating indicates that significant credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is contingent upon a sustained, favourable business and economic environment. 7: High default risk. “7” rating indicates that default is a real possibility. Capacity for meeting financial commitments is solely reliant upon sustained, favourable business or economic developments.

On 31 March 2024, the total sum insured was R11,97 billion (US$629,9 million) compared to R17,03 billion (US$956,7 million) on 31 March 2023. The reduction in the total sum insured is a combination of Ghana claims paid under the export credit insurance and non-renewal/expiry of policies under the investment insurance for Habesha Ethiopia, Vodacom Ethiopia, and PAIDF Malawi. The balance is a net-off of loan repayments and new loans or loans still drawing on existing projects.

Sum Insured by Country – 31 March 2024

Cote d’ Ivoire 0,41% South Africa 0,36%

Zambia 0,21% Tanzania 0,32%

Angola 4,15% DRC 2,12% Lesotho 1,95% Republic of Congo 0,53%

Mozambique 10,26%

Ghana 48,06%

Zimbabwe 31,64%

Other countries include: Zambia

Figure 5: Sum insured by country

Ghana remains the largest country exposure at 48,15%, followed by Zimbabwe and Mozambique at 31,5% and 10,27% respectively as the top three country exposures.

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