FRI SEPT 04 2026-theGBJournal| President Bola Ahmed Tinubu Thursday welcomed the African Union’s decision to launch the African Credit Rating Agency (AfCRA), saying the new institution could help ensure that African economies are assessed more fairly in global financial markets.
The African Union has announced that AfCRA will officially launch on October 7, in a move aimed at strengthening Africa’s financial architecture and providing credit assessments that take greater account of the continent’s economic realities.
Tinubu said the initiative was consistent with calls he had made for Africa to develop financial institutions capable of understanding its economies and properly assessing the risks associated with investing across the continent.
“I welcome the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially launch on October 7,” Tinubu said.
The President said he had made the case for an African credit rating agency in February in the Financial Times, and again in May at the Africa CEO Forum in Kigali.
“In February, I made the case in the Financial Times for an African credit rating agency. In May, at the Africa CEO Forum in Kigali, I spoke again about the need for Africa to build financial institutions that understand our economies and can assess our risks properly,” he said.
“AfCRA is another step towards that goal.”
At the heart of the initiative is the argument that African countries should not necessarily be assessed using frameworks that fail to adequately capture their economic fundamentals, reforms and unique circumstances.
Tinubu, however, made clear that Africa was not seeking preferential treatment from the new agency.
“Africa is not asking for favourable ratings. We are asking for fair ratings, grounded in our fundamentals and in the reforms our economies are actually carrying out,” he said.
The credibility of AfCRA will therefore be critical to its success.
For the agency to influence global investment decisions and potentially reduce the risk premium attached to African assets, it will have to convince international investors that its ratings are independent, rigorous and credible.
Tinubu acknowledged this challenge, saying the agency must earn the trust of global capital.
“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” he said.
The launch comes as African governments continue to seek ways of lowering the cost of capital and improving access to financing for infrastructure, businesses and development projects.
Credit ratings play a significant role in determining how investors perceive sovereign and corporate risk and, consequently, the cost at which countries and companies can raise funds.
For Africa, a credible home-grown rating institution could provide another voice in the assessment of the continent’s creditworthiness, while giving investors additional analysis to consider when making investment decisions.
But the agency’s long-term influence will depend less on its African identity than on the credibility of the ratings it produces.
Tinubu said he looked forward to the formal launch on October 7.
“I look forward to October 7.”
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