Urama said this ahead of the Africa Economic Conference in Gaborone, Botswana. This move, he suggests, is crucial to alleviate the inflated debt servicing costs faced by African nations due to global lenders' perceived risks.

Urama highlighted the disproportionate impact of external factors on the continent's debt challenges, emphasizing the need for a home-grown solution to assess and communicate the financial realities of African countries more accurately.

"The cost of capital is unjustifiably high due to the perceived risks in Africa," said Urama.

"Establishing our own credit rating agency would allow us to provide data and engage with global rating agencies, ensuring that Africa's sovereign ratings reflect the true state of our economies."

--ChannelAfrica/SABC--