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AU to Launch Continent-Wide Credit Rating Agency in October
🌍 The African Peer Review Mechanism, an African Union-backed initiative, will launch a continent-wide credit rating agency in Mauritius on October 5, AU technical adviser Paul Sikazwe said.
⚖️ Why Africa Needs Its Own Rating System: For years, African leaders have accused global firms like Fitch, Moody's, and S&P Global of
🔘Unfairly assessing lending risks to African nations
🔘Downgrading countries too quickly during crises
🔘Applying standards that don't reflect African realities
This new agency aims to change that by offering a fairer, homegrown alternative.
🏦 Beyond Ratings—A Bigger Vision: The AU is also pursuing broader coordination on debt among its 54 member states
🔹Inaugurate an African Monetary Institute in Abuja (launching late October)
🔹That institute will serve as a precursor to a future regional central bank
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