Following its displeasure with foreign ratings, the African Union plans to establish its own credit rating agency in 2024

In order to address its worries about what it sees as unfair ratings given to countries on the continent, the African Union plans to establish a new African credit rating agency next year.According to Misheck Mutize, the African Union's lead expert for national support on rating agencies, the organization would have a base on the continent and create its own assessment of the risks associated with lending to African nations. According to Reuters, it will also provide more context for the data investors weigh when determining whether to purchase African bonds or make a private loan to a nation. Mutize stated that the corporate sector has already expressed a strong interest in helping to implement this program.