The African Union is launching the continent’s first credit rating agency on Wednesday, aiming to provide an alternative to the global “big three” by drawing on African expertise and perspectives. The opening of the Africa Credit Rating Agency (AfCRA), which will be based in Port Louis, Mauritius, comes eight years after the African Union (AU)…
The launch of the Africa Credit Rating Agency (AfCRA) is a welcome step towards strengthening the continent’s voice in how its economies are assessed. Its mandate to draw on African data, expertise and economic realities deserves support. Credit ratings have consequences far beyond financial markets. They influence investors’ decisions, access to borrowing and the interest…
The new Africa Credit Rating Agency (AfCRA) has already generated an important debate. Some analysts have portrayed it as a rival to the three established global rating agencies – Fitch, Moody’s and S&P Global. Others have questioned whether Africa needs another rating agency at all. But, based on my expertise researching African financial markets and…
The formal launch of the Africa Credit Rating Agency (AfCRA) has required considerable institutional commitment. It brings to fruition an effort that has been almost a decade in the making. In 2017, the African Union gave the African Peer Review Mechanism a mandate to support member states in the field of credit rating agencies. By…
Nigerian media outlets have reported that five of the dismissed staff are facing prosecution. Published On 2 Sep 20262 Sep 2026 Nigeria’s anticorruption watchdog has dismissed more than 40 of its own employees for alleged corruption and financial misconduct over the past three years. Ola Olukoyede, the chairman of Nigeria’s Economic and Financial Crimes Commission…
As much of the world faces grapples with above normal temperatures and major rainfall changes, the UN Meteorological Organization (WMO) warned on Friday that El Niño, a powerful climate pattern shaping global weather, will intensify starting next month. Why it matters A strong El Niño is developing and expected to strengthen during August through October,…
S&P Global has agreed to acquire a majority stake in pan-African credit ratings agency Agusto & Co., expanding its presence in Africa’s domestic credit markets through a partnership that combines global analytical expertise with regional market knowledge. The transaction, announced on Tuesday, remains subject to regulatory approvals and is expected to close in the second…
TIA and W&R SETA are joining forces to create more pathways for young people, entrepreneurs and emerging businesses to develop ideas, access support and contribute to SA’s digital economy. The Technology Innovation Agency (TIA) and the Wholesale and Retail Sector Education and Training Authority (W&R SETA) have signed a memorandum of understanding aimed at linking…
Nigeria’s president has ordered a corruption investigation into allegations that a fictitious government agency was set up within his own office, complete with public funding worth $950,000 (£700,000). According to the presidency, the letter from the president’s chief of staff creating the Presidential Foreign Intervention Promotion Council (PFIPC) had been forged. The police have launched…
The UN’s International Maritime Organization (IMO) appealed on Monday for the urgent release of 44 seafarers held captive in Somali waters by pirates and armed robbers. The regulator which works to ensure safety at sea has recorded 24 attempted and actual incidents of piracy and armed robbery against ships in the Red Sea and the…
