The African Union (AU) has announced that it will set up the Africa Credit Rating Agency (AfCRA) next week during the 37th Summit of Heads of State and Government of the Union.
Publish dateSunday 9 February 2025 - 23:07
According to Amac News: Based on the Ethiopian News Agency (ENA), the aim of establishing the agency is to provide fair, independent, transparent and development-oriented credit ratings for governments, state entities and companies that reflect the realities and economic potential of Africa.
It was also said that its main objective is to increase transparency, reduce dependence on the three international credit rating agencies and respond to the specific needs of African countries and institutions.
According to the source, as the African continent moves towards economic integration and resilience, the establishment of the Africa Credit Rating Agency is an important step in strengthening Africa’s position in global financial governance.
In this regard, Heads of State and Government will meet to discuss the launch of the agency on 14 February 2025.
The event, facilitated by the African Peer Review Mechanism (APRM), will also include policymakers, financial experts and development partners who will discuss the operationalization of a dedicated accreditation agency for the continent.
According to ENA, the event, which will be held on the sidelines of the 37th Ordinary Session of the African Union at the AU headquarters, demonstrates Africa’s commitment to strengthening the continent’s financial governance and addressing long-standing challenges associated with the three international accreditation agencies.
AfCRA is being established to address concerns about alleged biases, inaccuracies and high costs associated with international accreditation agencies in the assessment of African countries.
The agency will provide the continent with an opportunity to have an accreditation system that reflects Africa’s unique social and economic realities and provides a fairer representation of its financial credentials.
AfCRA will reduce credit assessment costs for African countries and businesses, increase their access to capital markets, and provide a fairer representation of their financial credit. The agency will also create a platform to promote African projects and investments, contributing to regional economic growth and financial stability.
It was also said that its main objective is to increase transparency, reduce dependence on the three international credit rating agencies and respond to the specific needs of African countries and institutions.
According to the source, as the African continent moves towards economic integration and resilience, the establishment of the Africa Credit Rating Agency is an important step in strengthening Africa’s position in global financial governance.
In this regard, Heads of State and Government will meet to discuss the launch of the agency on 14 February 2025.
The event, facilitated by the African Peer Review Mechanism (APRM), will also include policymakers, financial experts and development partners who will discuss the operationalization of a dedicated accreditation agency for the continent.
According to ENA, the event, which will be held on the sidelines of the 37th Ordinary Session of the African Union at the AU headquarters, demonstrates Africa’s commitment to strengthening the continent’s financial governance and addressing long-standing challenges associated with the three international accreditation agencies.
AfCRA is being established to address concerns about alleged biases, inaccuracies and high costs associated with international accreditation agencies in the assessment of African countries.
The agency will provide the continent with an opportunity to have an accreditation system that reflects Africa’s unique social and economic realities and provides a fairer representation of its financial credentials.
AfCRA will reduce credit assessment costs for African countries and businesses, increase their access to capital markets, and provide a fairer representation of their financial credit. The agency will also create a platform to promote African projects and investments, contributing to regional economic growth and financial stability.
amacnews.com/vdch.init23n6i10d2.html
Source : news agency wam
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