https://en.sputniknews.africa/20250228/establishment-of-african-credit-rating-agency-strongly-advocated-on-continent-malian-economist-says-1070857005.html
Establishment of African Credit Rating Agency Strongly Advocated on Continent, Malian Economist Says
Establishment of African Credit Rating Agency Strongly Advocated on Continent, Malian Economist Says
Sputnik Africa
The establishment of the African Credit Rating Agency (ACRA) is "imperative" due to the bias of global agencies, Kenyan President William Ruto stated... 28.02.2025, Sputnik Africa
2025-02-28T13:07+0100
2025-02-28T13:07+0100
2025-02-28T17:17+0100
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The decision to establish an African credit rating agency, made at the African Union level, is "good news," as Western rating agencies are very biased towards Africa, which is demanding a review of the global financial architecture, Malian economist Modibo Mao Makalou told Sputnik Africa.According to Makalou, the advantages of a pan-African agency over Western agencies include: At the same time, the creation of an African rating agency does not aim to replace the three major agencies, which are all Western, but rather to "complement the analysis done at the African level," the speaker emphasized.The African Union plans to launch a new African credit rating agency in the second half of 2025, the AU African Peer Review Mechanism said in a report titled "Africa Sovereign Credit Rating Outlook—2024 Year-End Review."
https://en.sputniknews.africa/20250215/creating-african-credit-rating-agency-is-imperative-due-to-global-agencies-bias-ruto-says-1070665286.html
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Establishment of African Credit Rating Agency Strongly Advocated on Continent, Malian Economist Says
13:07 28.02.2025 (Updated: 17:17 28.02.2025) Elizaveta Roschina
Writer/Editor
The establishment of the African Credit Rating Agency (ACRA) is "imperative" due to the bias of global agencies, Kenyan President William Ruto stated, addressing the session on the establishment of the ACRA on the sidelines of the 38th AU Summit in Addis Ababa in mid-February.
The decision
to establish an African credit rating agency, made at the African Union level, is "good news," as Western rating agencies are very biased towards Africa, which is demanding a review of the global financial architecture, Malian economist
Modibo Mao Makalou told
Sputnik Africa.
"There are many biases regarding Africa, especially concerning data analysis and ratings, as well as the lack of understanding of what is happening in our countries by agencies that are not based in our countries and do not know the realities on the ground in Africa," the economist explained.
According to Makalou, the advantages of a pan-African agency over Western agencies include:
Improved weighting of exogenous factors;
Enhanced validation of data;
Increased use of local expertise;
At the same time, the creation of an African rating agency does not aim to replace the three major agencies, which are all Western, but rather to "
complement the analysis done at the African level," the speaker emphasized.
The African Union plans to launch a new African credit rating agency in the second half of 2025, the AU African Peer Review Mechanism
said in a report titled "Africa Sovereign Credit Rating Outlook—2024 Year-End Review."
