The African Union (AU) announced on Feb. 8 the intention to establish the Africa Credit Rating Agency (AfCRA), and the official founding ceremony will be held in Ethiopia’s capital, Addis Ababa, during the AU’s summit meeting Feb. 14-15, reported the Ethiopian News Agency.
Its coverage reproduces the AU brochure, explaining the purpose of the summit and of the creation of the Agency. It includes a list of ten FAQs.
The brochure explains that “AfCRA was established to address concerns over perceived biases, inaccuracies, and high costs associated with international credit rating agencies when assessing African countries. It will provide an opportunity for the continent to have a credit rating system that reflects Africa’s unique socio-economic realities and fosters a fairer representation of its creditworthiness.
“Unlike traditional credit rating agencies, AfCRA focuses exclusively on African economies, incorporating region-specific data and socio-economic indicators. It will operate with a mandate to strengthen African financial markets while promoting transparency, fairness and inclusivity. AfCRA will also emphasize development-driven credit assessment frameworks tailored to the continent’s diverse contexts.
“The APRM will continue to play a crucial role as a supporter and strategic partner in AfCRA’s development and operations. It will provide governance insights, institutional frameworks, and technical expertise that inform the rating agency’s methodologies. The APRM will also ensure that AfCRA aligns with broader African Union objectives of sustainable development and integration.”
This new agency reflects the overall motion of the Global South to end colonialism by financial means, and augurs a potentially new financial architecture, as called for by the Schiller Institute and its founder Helga Zepp-LaRouche.
