Africa Credit Rating Agency to be launched in 2025

In September 2020, Ghana's disagreement with S&P Global and Fitch Ratings over a downgrade led to the creation of the Africa Credit Rating Agency (ACRA) by the African Peer Review Mechanism (APRM) under the African Union.

Laud Mansfield Baddoo of APRM emphasized that the new agency would better understand African nations' economic contexts, aiming to enhance financial stability and growth.

Dr. McBride Nkhalamba stressed ACRA's role in boosting investment and sustainable growth. The agency will begin operations by 2025, offering reliable credit assessments.

Technical support missions recommended improving data consistency, policy issues, and internal capacity to lessen dependence on external consultants.