African countries look beyond the big three credit ratings agencies

African countries have long complained they are being held back by unfairly high borrowing costs shaped by international credit ratings agencies. Now they are doing something about it.

It may have drawn little attention outside Africa but the continent’s leaders hope the launch last week of the African Credit Rating Agency (AfCRA) could help them save tens of billions of dollars in interest payments each year. Backed by the African Union , the agency is part of a drive for greater financial sovereignty in Africa and an attempt to address the shortcomings of the big three global ratings agencies there.