https://en.sputniknews.africa/20241003/brics--africas-push-for-independent-credit-ratings-1068532031.html
BRICS & Africa's Push for Independent Credit Ratings
BRICS & Africa's Push for Independent Credit Ratings
Sputnik Africa
Africa consistently receives unfavorable credit ratings from international agencies, hampering its access to affordable financing. Amid growing concerns about... 03.10.2024, Sputnik Africa
2024-10-03T19:00+0200
2024-10-03T19:00+0200
2024-10-03T19:00+0200
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BRICS & Africa's Push for Independent Credit Ratings
Sputnik Africa
Africa consistently receives unfavorable credit ratings from international agencies, hampering its access to affordable financing. Amid growing concerns about bias and the impact on development, BRICS nations are exploring the creation of an independent rating agency to provide a more balanced evaluation of emerging economies.
Several scholarly analyses have provided statistical evidence of biases in the methodology, analytical processes, and perspectives of analysts, which lead to skewed credit ratings for Africa and other developing countries in the Global South, Dr. Misheck Mutize, lead expert on credit ratings in the African Union, tells Sputnik Africa.It also leads to ratings being influenced by the pessimistic and conservative views of foreign-based analysts. These analysts, primarily based in Europe, have limited exposure to African countries, often visiting for short periods of time and interviewing a narrow range of stakeholders.Sharing his vision for the BRICS initiative to create an alternative credit rating agency, he notes that the African Union has matured in its discussions since 2020 and supports the creation of an alternative credit rating agency, aligning with the BRICS initiative.Likewise, the following personalities are featured in this episode:An exclusive interview by Sputnik Africa with the President of Equatorial Guinea, His Excellency, Teodoro Obiang Nguema Mbasogo, in which he highlights several key points regarding economic empowerment for the Global South and expresses strong support for the development of an independent payment system and trade in national currencies.Chuma Anagbado, a Nigerian artist who combines woodworking with high-precision technology to make sculptures, discusses his journey as an artist and the dynamic interplay between tradition and innovation in contemporary art.To find out what else our guests had to say, tune in to the Global South Pole podcast, brought to you by Sputnik Africa.In addition to the website, you can also catch our episodes on Telegram.► You can also listen to our podcast on Apple Podcasts, Spotify, Deezer, Castbox, Pocket Casts, Afripods, Podcast Addict, and Overcast.► Check out all the episodes of Global South Pole.
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podcasts, international, finance, africa, international monetary fund (imf), world bank, brics, african union (au), equatorial guinea, europe, innovation, creativity, technology, digital technology , new development bank (ndb), global south, аудио, alternative currency, local currency, russian energy week, trade, sanctions
podcasts, international, finance, africa, international monetary fund (imf), world bank, brics, african union (au), equatorial guinea, europe, innovation, creativity, technology, digital technology , new development bank (ndb), global south, аудио, alternative currency, local currency, russian energy week, trade, sanctions
BRICS & Africa's Push for Independent Credit Ratings
Africa consistently receives unfavorable credit ratings from international agencies, hampering its access to affordable financing. Amid growing concerns about bias and the impact on development, BRICS nations are exploring the creation of an independent rating agency to provide a more balanced evaluation of emerging economies.
Several scholarly analyses have provided statistical evidence of biases in the methodology, analytical processes, and perspectives of analysts, which lead to skewed credit ratings for Africa and other developing countries in the Global South, Dr. Misheck Mutize, lead expert on credit ratings in the African Union, tells Sputnik Africa.
“In the context of methodology, they say the methodologies are applied equally across the globe, whether it's a developing or developed nations, on the basis that the investors who use that information, compare these ratings from one region to another. But if you look at the application of the methodologies or how the rating process is undertaken, the analysts that assess African countries in all the context of the big three in which they are called rating agencies. They are not inside the continent,” Mutize stresses.
It also leads to ratings being influenced by the pessimistic and conservative views of foreign-based analysts. These analysts, primarily based in Europe, have limited exposure to African countries, often visiting for short periods of time and interviewing a narrow range of stakeholders.
Sharing his vision for the BRICS initiative to create an alternative credit rating agency, he notes that the African Union has matured in its discussions since 2020 and supports the creation of an alternative credit rating agency, aligning with the BRICS initiative.
Likewise, the following personalities are featured in this episode:
An exclusive interview by Sputnik Africa with the President of Equatorial Guinea, His Excellency, Teodoro Obiang Nguema Mbasogo, in which he highlights several key points regarding economic empowerment for the Global South and expresses strong support for the development of an independent payment system and trade in national currencies.
Chuma Anagbado, a Nigerian artist who combines woodworking with high-precision technology to make sculptures, discusses his journey as an artist and the dynamic interplay between tradition and innovation in contemporary art.
To find out what else our guests had to say, tune in to the Global South Pole podcast, brought to you by Sputnik Africa.
In addition to the website, you can also catch our episodes on
Telegram.► Check out all the episodes of Global South Pole. 
