Nairobi:President Netumbo Nandi-Ndaitwah has endorsed the establishment of the Africa Credit Rating Agency (AfCRA), highlighting its potential to enhance the continent's control over its development and prosperity objectives.

According to Namibia Press Agency, Nandi-Ndaitwah expressed her support during the general debate at the 81st session of the United Nations General Assembly. She emphasized that the creation of AfCRA, which is set to be launched in Mauritius in October, signifies Africa's progress in seeking reform of the international financial structure to ensure fair competition.

Namibian leaders have previously pointed out the challenges faced by middle-income countries, such as high borrowing costs and limited fiscal space. They also face debt vulnerabilities, climate-related challenges, and persistent inequalities. Nandi-Ndaitwah stressed the importance of reforming the international financial system to promote the Sustainable Development Goals (SDGs), suggesting that reforms should provide more policy space and better access to development financing.

She stated that continuous transformation is necessary for any system to remain effective. As the world advances with the SDGs, reforming the international financial architecture is essential for achieving a fairer and more inclusive global economic order. Nandi-Ndaitwah argued that reforms should enable countries to expand their economies by adding value to natural resources, including critical minerals, thereby benefiting the people.

AfCRA has been established under the African Union to offer independent and credible credit assessments for sovereign and corporate entities. Its goal is to provide ratings that accurately reflect African economic conditions, strengthen financial markets, enhance transparency, and reduce reliance on external credit-rating assessments. Mauritius has been chosen as the location for AfCRA's headquarters.