President Bola Ahmed Tinubu has welcomed the African Union’s decision to officially launch the African Credit Rating Agency (AfCRA) on October 7, describing it as a significant step towards giving the continent a stronger voice in global financial assessments.
In a statement released on Thursday, the President said the establishment of AfCRA aligns with his long-standing call for Africa to develop financial institutions that better understand the realities of the continent’s economies.
Tinubu recalled that he first advocated for the creation of an African credit rating agency in an opinion article published by the Financial Times in February. He said he also reiterated the need during the Africa CEO Forum held in Kigali in May.
“I welcome the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially launch on October 7,” the President said.
Reflecting on his earlier engagements, Tinubu added: “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.”
According to him, the launch of AfCRA represents progress towards achieving that objective.
“AfCRA is another step towards that goal,” he stated.
The President stressed that Africa’s demand is not for preferential treatment in international financial markets but for objective and evidence-based assessments of its economies.
“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,” Tinubu said.
He also emphasised that the credibility of the new institution would depend on its professionalism and operational independence.
“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” he said.
Expressing optimism ahead of the official unveiling, Tinubu concluded: “I look forward to October 7.”
The African Credit Rating Agency is expected to provide an African-led assessment of sovereign and corporate creditworthiness, with the aim of complementing the global financial system through ratings that reflect the continent’s economic realities.