Despite liberalising their economies, carrying out painful structural reforms and working hard to manage fiscal discipline sovereign African states have to pay up higher rates on their borrowings than most other emerging economies. The ‘Big 3’ credit risk rating agencies have heightened investor risk perception and cost Africa an estimated 46 B$ in lost lending. But the expected launch of the Africa Credit Rating Agency (AfCRA) in june may offer a more credible creditworthiness ratings and better reflect the local realities.