Africa Will Have Independent Credit Ratings Agency In 2025 – AU Commissioner

The African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert Muchanga, has announced that the continent is on track to establish a credit ratings agency by 2025.

Speaking with reporters in Accra on July 20, 2024, Muchanga stated that the independent agency, specifically designed to cater to Africa’s sovereign borrowers, is currently in the operationalization stage.

“The project is at its next phase of operationalization that entails coming up with the final work plan to ensure that we are able to roll it out,” he explained.

He noted that the African Peer Review Mechanism, African Development Bank, African Export-Import Bank, and the AU Commission are all involved in this task.

Muchanga elaborated that the agency will be independent and professional, separate from the AU regional bloc.

He emphasized the necessity of an independent credit ratings agency due to Africa’s historical unfair treatment in ratings and borrowing costs.

Source: Ghanaweb