AU-backed APRM launches African credit ratings agency
The African Peer Review Mechanism, backed by the African Union, will launch a continent-wide credit ratings agency in Mauritius on October 5, the APRM said at a Nairobi conference. Paul Sikazwe, the AU technical adviser on debt, presented the plan as an African-owned alternative to dominant firms such as Fitch, Moody's and S&P, aiming to better reflect local realities and lower borrowing costs. The move comes amid high debt pressures and recent sovereign defaults in countries like Zambia, Ghana and Ethiopia, and it accompanies broader AU reforms including an African Monetary Institute planned for Abuja.
APRM will launch a continent-wide ratings agency in Mauritius on October 5.
Context
Many African countries borrowed heavily and faced external shocks. This pushed some states into debt distress and defaults. Next steps include the agency launch and an African Monetary Institute inauguration.
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