Africa Launches Own Credit Rating Agency to Counter Western Bias

African nations, led by Nigeria, plan to create a continental credit rating agency to counter Western biases, aiming to provide more balanced evaluations of African economies. The move aims to promote economic development on the continent.

Nigeria and several African nations have announced plans to launch a continental credit rating agency aimed at countering the perceived biases of Western credit rating agencies towards Africa. This move is part of efforts to promote financial inclusion and diversify credit evaluation across the continent. The new agency will aim to provide more balanced assessments of African countries' creditworthiness, promoting greater economic cooperation and investment opportunities. By pooling their resources, these nations hope to create a more level playing field for African economies in the global credit market.