Why Africa needs its own ratings agency

Fitch, Moody's and S&P Global are household names with regards to ratings agencies, even in Africa. The three firms boast control of an estimated 95% of the overall global credit ratings business. But according to the UN, their subjective biases have cost the continent nearly $75bn and so Misheck Mutize, the African Union's Lead Expert for Country Support on Rating Agencies says Africa needs its own ratings agency. Business Day TV caught up with Mutize to discuss this in more detail.