The African Union has officially launched the Africa Credit Rating Agency (AfCRA) on Wednesday, establishing the continent's first homegrown, independent credit rating institution. The rating agency was launched in Port Louis in Mauritius. The private-sector-driven agency aims to challenge the dominance of the -big three - Western firms-S&P, Moody's, and Fitch-which African leaders have long accused of carrying structural biases that inflate borrowing costs for African nations. AfCRA will also issue inaugural credit scores for the 23 African nations currently unrated by global agencies.

We spoke  to Tembisa Fakude, he is Director and Senior Researcher at the Africa Asia Dialogues (Afrasid) 

<p>The African Union has officially launched the Africa Credit Rating Agency (AfCRA) on Wednesday, establishing the continent's first homegrown, independent credit rating institution. The rating agency was launched in Port Louis in Mauritius. The private-sector-driven agency aims to challenge the dominance of the -big three - Western firms-S&amp;P, Moody's, and Fitch-which African leaders have long accused of carrying structural biases that inflate borrowing costs for African nations. AfCRA will also issue inaugural credit scores for the 23 African nations currently unrated by global agencies.</p>
<p>We spoke&nbsp; to Tembisa Fakude, he is Director and Senior Researcher at the Africa Asia Dialogues (Afrasid)&nbsp;</p>