In June 2025, Africa is set to introduce its own credit rating agency, the Africa Credit Rating Agency (AfCRA), to combat perceived biases in international evaluations that critics argue raise borrowing expenses for African countries. This initiative seeks to provide clear, development-oriented evaluations that accurately represent the continent’s genuine economic capabilities. African leaders contend that existing agencies do not adequately recognize the continent’s strengths and potential. They are set to establish a new credit rating agency aimed at enhancing the evaluation process for African nations.
