The launch of the Africa Credit Rating Agency (Afcra) in Mauritius this week is meant to save the continent billions of dollars, as it is expected to do away with the 2 percent Africa premium charged by investors.
It is also expected to ease the friction that African nations have occasionally had with the big three West-based global credit rating agencies over their assessments. African leaders have long accused the Big Three – S&P, Moody’s and Fitch –of unfairly assessing Africa’s risk and moving too quickly to downgrade states during crises.
