Democracy in Africa is at risk, a new report reveals garoweonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from garoweonline.com Daily Mail and Mail on Sunday newspapers.
Africans consistently show a strong desire for democratic and accountable governance, but they are not satisfied with the quality of democracy in their countries. Afrobarometer Director of Surveys, Boniface Dulani, made the statement at an African Peer Review Mechanism (APRM) civil society engagement, hosted in collaboration with the Economic, Social…
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February 11, 2021
The African Peer Review Mechanism (APRM), a specialized entity of the African Union (AU), had a mandate to supports African countries in the area of credit rating agencies. As part of this mandate, the APRM undertakes routine reviews of rating outcomes assigned by international credit ratings agencies on African countries. The APRM has noted the downgrade of the Republic of Ethiopia’s long-term foreign currency sovereign credit rating by Fitch on the 09th of February 2021, 2-notches from B to CCC. Moody s and S&P Global rating still has the country’s long-term credit rating on B2 and B, respectively. The newly assigned rating for Ethiopia means the country is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for it to meet its financial commitments on the obligation. The APRM raises the following observations;