Ratings company to serve Africa set to be ready by next year
A credit ratings company being established to meet the unique needs of Africa’s sovereign borrowers is set to be ready by next year, an African Union official said Saturday.
The institution won’t be owned by the regional bloc, Albert Muchanga, its commissioner for development, trade, tourism, industry and minerals, told reporters in Ghana’s capital, Accra. It’d be independent and professional, he said.
“We feel that we’ve not been treated very well when it comes to ratings and the cost of borrowing,” Muchanga said. “We want an institution developed by Africans to contribute to the process of de-risking the African capital market so that in the end we are able to have a situation where we can borrow competitively at home and abroad.”
African finance ministers first considered setting up such a body in 2021 amid complaints of unfair treatment by international credit ratings firms that they said lead to higher interest rates relative to what other emerging-market borrowers and developed countries pay.
The task is being undertaken by the African Peer Review Mechanism, African Development Bank, African Export-Import Bank and the AU Commission, Muchanga said. The project is at its next phase of operationalization that entails “coming up with the final work plan to ensure that we are able to roll it out,” he said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
