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A
Governing
Council
Member
of
the
National
APRM
Governing
Council,
Laud
Mansfield
Baddoo,
has
called
for
Africa
to
develop
its
own
credit
ratings.
Speaking
at
a
technical
retreat
organized
by
the
African
Peer
Review
Mechanism
(APRM),
Baddoo
emphasized
the
importance
of
self-reliance
in
economic
governance
and
sovereign
debt
management.
“We
believe
that
enhancing
the
credit
ratings
of
African
countries
is
paramount
to
their
economic
stability
and
growth.
The
APRM’s
efforts
in
this
regard
will
go
a
long
way
in
ensuring
that
our
member
states
can
manage
their
sovereign
debt
more
effectively
and
attract
better
investment
opportunities,”
Baddoo
stated.
“However,
it’s
time
for
Africa
to
develop
its
own
credit
ratings,
tailored
to
our
unique
economic
contexts
and
challenges,”
he
added.
African
Union
(AU)
member
states
are
gathering
today
for
a
significant
technical
retreat
aimed
at
improving
credit
ratings
across
the
continent.
The
retreat,
held
at
the
Dr.
Obed
Asamoah
Conference
Hall
in
Accra,
brings
together
experts
and
officials
from
various
AU
member
states
to
discuss
strategies
for
improving
credit
ratings.
The
APRM,
a
specialized
governance
entity
of
the
AU,
plays
a
crucial
role
in
supporting
member
states
in
this
domain,
aligning
with
the
2017
AU
Assembly
Decision
[Assembly/AU/Dec.631(XXVIIID].
Dr.
McBride
Nkhalamba,
Director
of
Governance
and
Specialized
Reporting,
underscored
the
significance
of
the
event.
“This
technical
retreat
is
a
platform
for
our
experts
to
engage
in
meaningful
discussions
on
credit
rating
improvements.
By
collaborating
and
learning
from
each
other’s
experiences,
we
can
develop
robust
frameworks
that
will
benefit
all
our
member
states.”
The
APRM’s
efforts
are
bolstered
by
its
collaboration
with
the
United
Nations
Economic
Commission
for
Africa
(UNECA)
and
other
stakeholders.
Ms.
Sonia
Patricia
Jenny
from
UNECA
expressed
strong
support
for
the
initiative,
stating,
“UNECA
is
proud
to
partner
with
the
APRM
in
this
crucial
endeavor.
Improving
credit
ratings
is
essential
for
sustainable
economic
development,
and
our
joint
efforts
will
help
African
countries
achieve
greater
financial
stability
and
growth.”
As
the
retreat
progresses,
it
is
expected
to
generate
actionable
insights
and
strategies
that
will
significantly
impact
the
economic
landscape
of
Africa.
The
call
for
Africa
to
develop
its
own
credit
ratings
highlights
the
need
for
a
tailored
approach
that
considers
the
continent’s
unique
economic
realities.