The African Union-backed African Peer Review Mechanism will launch a continent-wide credit rating agency on October 5, according to AU debt adviser Paul Sikazwe. Speaking at a debt and development conference in Nairobi, Sikazwe described the launch as part of broader efforts to reform international financial architecture and give African nations an alternative to global agencies like Fitch, Moody’s, and S&P Global. African leaders have long argued that these firms unfairly assess sovereign risk and are too quick to downgrade economies during crises. The agencies have rejected those accusations, saying they apply consistent rating methodologies worldwide. The initiative comes as debt pressures remain significant across the continent, with countries such as Zambia, Ghana, and Ethiopia having experienced sovereign defaults in recent years. The AU is also pursuing a broader continental debt strategy, with plans to inaugurate an African Monetary Institute as a forerunner to a future regional central bank.