INTRODUCING | The African Union Launches Africa’s First Credit Rating Agency to Challenge Global ‘Big 3’
Photo: Pixabay (illustration)
The African Union (AU) has launched the Africa Credit Rating Agency (AfCRA), the continent’s first credit rating agency as it seeks to provide an alternative to the global ‘big three’ ratings firms as debt burdens weigh on many African economies. The agency, whose creation was endorsed by African leaders in 2018, was launched in Port Louis, Mauritius, where it will be based. The AU says AfCRA will provide independent, Africa-focused assessments rooted in the continent’s data, expertise, and economic realities, complementing rather than replacing existing global ratings agencies.
Source: BitKE
