Africa to Launch Own Credit Rating Agency to Improve Assessments
In June 2025, Africa will launch its own credit rating agency, the African Credit Rating Agency (AFCRA), to address bias in global assessments that critics say are swelling in borrowing costs in African countries. The move is designed to provide transparent, development-focused ratings that reflect the true economic potential of the continent. African leaders believe that the current institution underestimates its economy, resulting in higher interest payments. As the ratings improve, African countries can receive $15.5 billion in additional funding, reducing their reliance on aid and promoting economic growth, infrastructure and social services.
source: Forbes Africa
