AU chair wants pan-African financial rating agency

The practice of foreign financial institutions producing their own reports to determine the economic status of African countries has become an issue of concern to African leaders.

Experts express worry that, such reports create financial impressions with exaggerated economic situations which ends up deterring investors from doing business in such countries.

In a recent campaign to deal with ratings deemed alien to economic realities in countries across Africa, leaders on the continent have started making bold statements against the practice.

Speaking on the issue, Macky Sall, the current Chairman of the African Union (AU) has called on African leaders to consider the establishment of Africa’s own credit rating agency to counter “arbitrary” rating by western financial organizations.

 

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