New York, 20 September 2024 – The African Peer Review Mechanism (APRM), in collaboration with the United Nations Economic Commission for Africa (UNECA) and the United Nations Development Programme (UNDP) Regional Bureau for Africa, hosted a High-Level Dialogue on the establishment of the Africa Credit Rating Agency (AfCRA) at the AU Permanent Mission to the United Nations. This important event brought together global policymakers, financial institutions, private sector leaders, and development partners to gather insights, build consensus, and forge strategic partnerships for AfCRA’s establishment.
This dialogue aligns with the decision made during the 45th Ordinary Session of the African Union Executive Council in July 2024, which called on the APRM, UNECA, and the African Union Commission (AUC) to expedite the operationalization of a private sector-driven African Credit Rating Agency based on self-funding and self-sustaining principles.
APRM CEO Amb. Marie-Antoinette Rose Quatre opened the dialogue, emphasizing the critical role of reliable credit ratings in fostering economic growth and stability. AfCRA aims to provide independent assessments of creditworthiness tailored specifically for African markets. “The creation of AfCRA is crucial for ensuring Africa receives accurate, unbiased, and fair assessments of the risks and opportunities within its economies. This initiative will help address the information asymmetry that has long disadvantaged Africa in the global financial system”, Amb. Rose Quatre stated.
The dialogue featured remarks from several high-level dignitaries, including H.E. Amb. Claver Gatete, Executive Secretary of UNECA; H.E. Ms. Hassatou Diop N'Sele, Vice President for Finance and Chief Financial Officer of the African Development Bank Group; H.E. Amb. Albert Muchanga, African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals; H.E. Ms. Ahunna Eziakonwa, UNDP Assistant Administrator and Regional Director for Africa; and H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation of Egypt.
Each speaker provided actionable recommendations for AfCRA’s implementation, stressing the need for active management at the country level and sovereign engagement with investors.
H.E. Amb. Claver Gatete underscored the critical need for African countries to prepare thoroughly for the establishment of AfCRA. He emphasized the necessity for robust institutional frameworks, data collection systems, and governance mechanisms to enable AfCRA to deliver accurate and consistent credit ratings. This perspective was reinforced by H.E. Dr. Rania Al-Mashat, who highlighted the importance of data quality, credibility, and transparency as foundational pillars for AfCRA’s success.
Key discussions during the dialogue highlighted the limitations of current credit rating systems, underscoring the need for an African-led agency to promote transparency and fairness in credit assessments. Participants recognized that AfCRA has the potential to enhance Africa’s access to global capital markets, thereby attracting sustainable investments and supporting economic growth through balanced and independent credit assessments.
As Africa continues to assert its presence on the global economic stage, establishing AfCRA represents a significant step towards empowering the continent to manage its financial destiny. AfCRA aims to address biases in existing rating frameworks, reinforce investor confidence, and attract more equitable investments into African economies. The APRM, UNECA, and UNDP will continue to collaborate closely with key partners to advance AfCRA’s operationalization through further consultations, policy refinement, and the development of a robust institutional framework.
