African countries will set up a rating agency for their economies and this will allow “a fair and appropriate assessment of sovereign and non-sovereign operations on the continent”. A creation proposed by the Board of Governors of the African Development Bank (AfDB) on Friday at the end of its work at the 2024 Annual Meetings.

The Board of Governors of the AfDB called for the creation of an African credit rating agency, in order to allow African countries to benefit more from financing for their socio-economic development. “The Board of Governors today emphasized the need to create an African credit rating agency, for a fair and appropriate assessment of sovereign and non-sovereign operations on the continent,” said the President of the AfDB Group, Akinwumi Adesina, during the closing ceremony of the work of the 2024 Annual Meetings of

The main objective of this type of institution “is not to compete with international rating agencies, but to establish a new evaluation culture that takes into account the different specificities of African economies”, underlined the first head of the AfDB. According to him, the creation of an African credit rating agency will, through his new vision, save more than 75 billion dollars spent on debt service due to an “unfair” rating, a significant amount that should have been earmarked for development projects in