AU To Establish Africa Credit Rating Agency
The African Union is set to establish a Credit Rating Agency for the Continent
By Juliet Vincent
According to Sputnik Africa, the official founding ceremony will take place in the Ethiopian capital, Addis Ababa on February 14, just before the summit of the union, which will take place from February 15 to 17.
“As the continent continues its march towards economic integration and resilience, the establishment of Africa Credit Rating Agency (AfCRA) represents a pivotal step in asserting Africa’s position on global financial governance,”Ethiopian state media reported.
According to the report, the agency is to provides credit ratings that reflect the realities and potential of African economies.
It added that, the need to create AfCRA is dictated by the biased attitude towards Africa that has been established in global rating agencies, their “careless work” and the high cost of their services.
The report added that, AfCRA will specialize in the African market and take into account the characteristics of different regions of the continent, including their socio-economic indicators.
