The African Union (AU) is weighing the prospect of creating a Pan-African credit rating agency, aiming to provide alternative credit evaluations distinct from those offered by the globally recognized ‘Big Three’ credit rating agencies, namely Fitch, S&P, and Moody’s. The AU argued that these agencies often give biased and inadequately researched assessments of African economies. Such judgments subsequently tarnish the nations’ risk profiles, which in turn, elevates their borrowing costs. In the first half of 2023 alone, these international entities enacted 13 negative rating actions targeting 11 African states.