Head of Credit Ratings Advisory at the African Peer Review Mechanism, Dr. Misheck Mutize, says the proposed African credit ratings agency is not an overambitious project but a necessary and legitimate step amid changes in the global financial architecture.
Speaking during an interview with ARISE News on Wednesday, Mutize said the proposed agency would provide investors with valuable, context-based information to better assess risks associated with African markets.
He described the initiative as a necessary and legitimate step, dismissing concerns that establishing an African credit ratings agency would be overly ambitious.
“It’s not an overambitious project, but it’s a necessary and legitimate step to have been taken at this point in time.”
Mutize said the proposed agency has been in development for more than five years, following feasibility studies and consultations across the continent.
“This project has been in the process of being incubated for more than five years now. And this has gone through several feasibility studies together with consultations far and wide.”
He stressed that the agency would not be established to provide favourable ratings for African countries, but to offer investors assessments that better reflect the continent’s economic realities.
“We are talking about ratings that create a context, not favourable ratings for Africa, but creating and providing a platform that has information that investors see is valuable.”
Goodness Anunobi
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