In June 2025, Africa will launch its own credit rating agency, the Africa Credit Rating Agency (AfCRA), to address the bias in global assessments that critics say inflate borrowing costs for African nations. This move aims to offer transparent, development-focused ratings that reflect the continent’s true economic potential. African leaders argue that current agencies undervalue their economies, leading to higher interest payments. With improved ratings, African countries could access $15.5 billion in additional funding, reducing their reliance on aid and boosting economic growth, infrastructure, and social services.
Source: Forbes Africa