Africa Credit Rating Agency (AfCRA) has officially been launched in Port Louis, capital of Mauritius, according to a statement issued by the African Union (AU) Commission on Wednesday.
Chairperson of the AU Commission Mahmoud Ali Youssouf attended the launching event and described AfCRA as an important milestone in Africa’s efforts to strengthen its financial architecture, advance economic sovereignty and ensure that African economies are assessed with greater depth, context and independence.
He expressed appreciation to the government and people of Mauritius for hosting AfCRA, noting that the choice of Mauritius was not accidental.
The country’s financial and economic development, established international financial centre, regulatory framework and connectivity with African and global markets make it a valuable platform for this continental initiative.
Addressing why AfCRA and why now, Youssouf stressed that Africa is building a stronger and more resilient financial architecture, with AfCRA set to become an important pillar.
The agency will provide African and international investors, as well as economic partners, with reliable, independent and technically rigorous analysis of African economies and credit risk.
AfCRA, he explained, will help address information and analytical gaps by bringing African data, expertise and realities more fully into the assessment process.
It is not intended to replace existing international credit-rating agencies, shield borrowers from scrutiny or guarantee favorable ratings.
Rather, it will provide an additional, independent and Africa-focused perspective to the market.
The Chairperson stressed that AfCRA’s credibility will depend on its independence, professionalism, transparency and adherence to internationally recognised standards.
He said its ratings must be evidence-based and free from political considerations and conflicts of interest, urging African countries to continue strengthening macroeconomic management, fiscal responsibility, transparency and debt sustainability.
The initiative, he noted, is fully aligned with the ambitions of Agenda 2063 and Africa’s pursuit of greater self-reliance and financial sovereignty.
MG/as/APA