Economy
Africa to Launch Its Own Credit Rating Agency
The Reporter (Amharic) · 3 hours ago · Read the Full Story on The Reporter (Amharic)
AI SUMMARY
The African Union is launching the continent's first credit rating agency, AfCRA, to provide alternative assessments based on local economic conditions and address rising debt burdens.
- The African Union is launching Africa's first continental credit rating agency, named the Africa Credit Rating Agency (AfCRA).
- AfCRA will provide assessments based on African data, expertise, and economic conditions to serve as an alternative to major Western agencies.
- The agency will rate sovereign borrowers, financial institutions, and private companies.
- AfCRA will operate independently and be funded through shareholder capital and its operations.
- The agency's headquarters will be located in Port Louis, Mauritius.
- Africa's annual external debt service reached USD 163 billion in 2024, a significant increase from USD 61 billion in 2010.
- Currently, 23 African economies lack credit ratings from the three major global agencies.
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