Cairo, Egypt, 8-10 October 2024 – The African Peer Review Mechanism (APRM), in collaboration with the United Nations Economic Commission for Africa (UNECA), the United Nation Development Programme (UNDP) and the Central Bank of Egypt (CBE), successfully convened the 9th Expert Meeting of Experts on Credit Ratings. The event brought together key stakeholders from across the continent to discuss the critical role and influence of credit rating agencies in Africa’s economic landscape.
The meeting served as a platform for experts and thought leaders to engage in dialogue on the unique challenges African countries face within the global credit rating environment. It explored opportunities to improve Africa’s sovereign credit ratings. It also provided a consultative forum for the technical review of the APRM’s programme to support Member States in the field of credit ratings. Key agenda items included the review of policy documents, country support mission reports, and recommendations from APRM’s special studies on credit ratings
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During the meeting, major development financial institutions in Africa, including multilateral banks, domestic credit rating agencies, and securities exchanges, expressed overwhelming support for the establishment of the Africa Credit Rating Agency (AfCRA). There was a consensus on the model and roadmap for the establishment of AfCRA as a private sector-driven, self-sustaining entity. The agency aims to issue alternative ratings to those provided by the ‘big three’—Fitch, Moody’s, and S&P. The APRM emphasized that AfCRA’s purpose is not to deliver favourable ratings, but to provide accurate, context-sensitive assessments of African economies.
The 9th Expert Meeting also examined the role of AfCRA in strengthening domestic capital markets, promoting Africa-specific investments, and reshaping global financial systems to better serve African economies. Discussions outlined concrete steps for establishing AfCRA, reviewed APRM’s support programme for Member States, and facilitated knowledge sharing on best practices and emerging trends in credit ratings.
Participants engaged in extensive discussions on the implications of credit ratings for Africa’s access to international capital markets, the inherent biases in global ratings, and the necessary steps to establish a more transparent, Africa-centric credit rating system. Attendees, including financial experts, regulators, domestic credit rating agencies, policymakers, and development partners from both the public and private sectors, explored key topics such as improving transparency and accountability in credit rating processes, addressing gaps in Africa’s financial information infrastructure, and charting a clear roadmap for the establishment of AfCRA.
The meeting underscored the importance of developing an independent, African-led credit rating agency that reflects the economic realities of African nations and helps mitigate information asymmetry in the global financial system. Such an agency is envisioned as a key tool for fostering greater trust and stability in Africa’s financial markets.
Speaking at the event, Dr McBride Nkalamba, Acting Director of Governance and Specialised Reporting, delivered opening remarks on behalf of H.E. Amb. Marie-Antoinette Rose Quatre, APRM CEO “Reliable and fair credit ratings, he said, are critical to Africa’s economic growth and development. The establishment of the Africa Credit Rating Agency will not only address long-standing biases but also enhance the continent’s ability to attract investment and foster economic resilience.” The outcomes of this meeting will be essential in guiding APRM’s continued efforts in the field of credit ratings and supporting the establishment of AfCRA.
For more information on the APRM Credit Rating Programme, please contact Ms. Ejigayhu Tefera at Ejigayhu.Tefera@aprm-au.org
For further information or media inquiries, please contact: info@aprm-au.org
