The African Union (AU) is set to launch the Africa Credit Rating Agency (AfCRA) in Port Louis, Mauritius, this week.<\/p>\n
The agency, established under the AU and overseen during its development by the African Peer Review Mechanism (APRM), aims to provide independent, Africa-focused assessments of the creditworthiness of African governments, businesses and institutions.<\/p>\n
PRM estimates that Africa\u2019s market is worth about $4 trillion, yet less than 5% of financial instruments by value are currently rated. It says the lack of credit ratings makes borrowing more difficult and expensive for issuers, while limiting the pool of potential investors.<\/p>\n
APRM Chief Executive Officer Ambassador Marie-Antoinette Rose Quatre says the agency is expected to strengthen Africa\u2019s financial sovereignty by providing credit assessments that better reflect the continent\u2019s economic realities.<\/p>\n
Mauritius was selected as AfCRA\u2019s headquarters following a competitive process.<\/p>\n
The agency is intended to complement existing global credit rating agencies and improve transparency, investor confidence and access to capital for African economies.<\/p>\n
–SABC–<\/p>\n","protected":false},"featured_media":40529,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news-type":[78,44],"class_list":["post-47219","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-featured","news-type-finance","entry"],"acf":{"short_description":"Mauritius was selected as AfCRA\u2019s headquarters following a competitive process.","published_date":"","news_description":"Mauritius was selected as AfCRA\u2019s headquarters following a competitive process.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/47219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/47219\/revisions"}],"predecessor-version":[{"id":47220,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/47219\/revisions\/47220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/40529"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=47219"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=47219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}