Calls grow for an African credit ratings agency
Established agencies seen as being unfair to the continent, pushing up borrowing costs
04 August 2024 - 07:30
As African countries search for capital to close the continent’s $100bn (R1.8-trillion) infrastructure financing gap, the idea of starting an African Credit Rating Agency (AfCRA) to reduce the cost of capital is gaining traction.
With new multilateral ties taking shape on the global stage and established economies scrambling to strengthen ties with Africa, the continent has called for changes in the sovereign credit rating, saying unfavourable assessments by agencies such as Moody’s, Fitch, and S&P make it harder for them to access capital and subject them to high rates...
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