The African Union (AU) has finally floated its own credit rating agency called African Credit Rating Agency (AfCRA).
It was created in Addis Ababa, Ethiopia.
The launch of AfCRA is expected to provide the Africa continent with a fair, transparent and unbiased credit rating system.
This is to ensurr better access to opportunities from the rest of the world.
Biased grading from world renowned rating agencies; Fitch, Moodys and S&P has reportedly cost Africa over $75bn in investment opportunities over the years.
The new Credit rating agency is part of Africa’s continuous march towards economic resilience in recent times.
Worthy of note is the recent establishment of the African Energy Bank, headquartered in Nigeria and whose duty will be providing the needed support to unleash Africa’s energy potential thereby bringing an end to the energy poverty ravaging the continent.
