Africa: Ghana Supports the Establishment of the African Credit Rating Agency

20 July 2022
African Union (Addis Ababa)
press release

Accra — 17 July 2022 - The APRM delegation, led by Dr. Abdoulie Janneh, who is the Vice Chair of the APR Panel of Eminent Persons and Prof. Eddy Maloka, the Chief Executive Officer of APRM Continental Secretariat, met with the Vice-President of Ghana, Hon. Mahamudu Bawumia during their official visit to Ghana. Ghana reaffirmed its support to the establishment of an African Credit Rating Agency. Ghana is already Championing the establishment of the three African Union Financial Institutions - the African Investment Bank (AIB), the African Monetary Fund (AMF) and the African Central Bank (ACB).

The APRM was mandated by the 4th African Union Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration to undertake a study on Financial, Structural and Legal feasibility of establishing an African Credit Rating Agency. The outcomes of this study are scheduled to be presented to the 5th STC meeting, which will be held in Lusaka, Zambia from the 21 - 22 July 2022 for consideration, endorsement and recommendation to the relevant policy structures of the African Union.

The need for an African Credit Rating Agency has been reiterated by the Chair of the AU, President Macky Sall of Senegal and President Nana Akufo-Addo of Ghana, during the 54th Session of the Conference of African Ministers of Finance, Planning and Economic Development (CoM2022) and 35thAfrica Union Summit, respectively. The establishment of an ACRA is an important step towards complementing the AU financial institutions and accelerating continental integration providing capabilities for AU Member States to access capital and integrating the continent with global financial markets, which makes tremendous reference to credit ratings.

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