Agence panafricaine de notation : Macky a-t-il changĂ© dâopinion ?
The African Union just decided this year to create a pan-African rating agency. In a recent interview, Macky Sall gave his assessment of this AU decision. "It's very good, I welcomed it, but we must not fight the wrong battle. We cannot rate ourselves; it will not be credible."
For the former Senegalese president, this agency must work with the big three (Moody's, Fitch, S&P) to provide them with information and create an interactive dialogue.
Macky Sall now seems more convinced of the Ibrahim Index, which consists of 10 parameters. "It is a very credible index on governance in Africa." He thus advocates for collaboration between the next pan-African rating agency and the Ibrahim Index to dialogue with the major American rating agencies.
Yet, as President of Senegal and even of the African Union, it was Macky Sall who advocated for the creation of this agency. In May 2022, during an economic conference in Dakar, Macky Sall spoke of "the need, in the face of injustices and sometimes very arbitrary ratings, to have a pan-African rating agency." Macky even specified that a "study on the financial, structural, and legal implications of creating an African credit rating agency was being finalized, which will be submitted to the Ministers of Finance for consideration in June 2022."
At the time, there was no question of collaborating with Western rating agencies. It was rather to have a counter-rating to the "very unfair" Western rating.
"In 2020," he said, "while all economies were suffering the effects of Covid-19, 18 of the 32 African countries rated by at least one of the major rating agencies saw their ratings downgraded. This represents 56% of downgraded ratings for African countries compared to a global average of 31% during the period."
Very angry with the agencies, Macky Sall added: "Studies have shown that at least 20% - 20% - of the criteria for rating African countries are based on rather subjective factors, of a cultural or linguistic nature, and therefore unrelated to the parameters that measure the stability of an economy. The direct consequence is that the perception of investment risk in Africa always remains higher than the actual risk. We thus find ourselves paying more than necessary in insurance premiums, which increases the cost of credit granted to our countries. We continue to pay very high interest rates because of an unfair system for assessing investment risk in Africa."
Why then does the former chairman of the African Union, who yesterday called for the creation of this agency, now doubt its effectiveness, or even its relevance? Instead of making it a credible agency, he seems to be reducing it to an instrument to influence the Big Three's assessments.
Commentaires (32)
Franchement ses pensĂ©es du moment ne nous intĂ©ressent pas surtout quand il est dehors.. Il nâa quâĂą rentrer dâabord rendre compte ou se terrer et se taire !
Alors quâil est mĂ©diocre sur le plan intellectuel
"L'Afrique au cĆur " de Alexandra Fuller.
Vous allez dĂ©couvrir que Macky Sall a fait du plagiat. Alexandra Fuller avait publiĂ© "L'Afrique au cĆur " en 2005, il y a 20 ans.
Macky Sall un ĂȘtre qui traĂźne la honte et que des gens qui se croient magiciens pensent pour transformer par une mĂ©diatisation forcenĂ©e.
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