Dr. Gatete advocated for the Africa Credit Rating Agency to complement global agencies
African countries face $1.8 trillion in debt, with $163 billion in interest payments due in 2024, according to UNCTAD.
At a High-Level Dialogue on establishing an Africa Credit Rating Agency, Dr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa, highlighted Africa’s credit rating challenges.
Only two African nations hold investment-grade ratings, while multiple downgrades exacerbate fiscal issues.
Dr. Gatete advocated for the Africa Credit Rating Agency to complement global agencies, improve governance, and enhance Africa’s financial markets.
The initiative aims to boost investor confidence and ease access to international bond markets.
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