The African Credit Rating Agency, AfCRA, announced the official start of its operations, saying it had completed preparations to assess the creditworthiness of countries and companies across the continent. The move aims to strengthen the independence of Africa's financial assessment system.
The agency's director-general, Sifiso Falala, said the institution had completed its economic data collection systems and assembled specialist research and analysis teams.
He added that the agency would initially focus on African countries before extending its services to companies.
The agency, formally inaugurated in the Mauritian capital, Port Louis, aims to address gaps in data and economic research on African countries. Its ratings and reports are intended to provide governments, investors and companies with information to assess risks and identify investment opportunities across the continent.
