President Bola Ahmed Tinubu has welcomed the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially launch on October 7, describing the initiative as an important step towards building African financial institutions capable of accurately assessing the continent’s economic realities.
In a statement, PBAT recalled that he had advocated for the establishment of an African credit rating agency in February in an article published by the Financial Times. He also stated his renewed call for the initiative in May during the Africa CEO Forum in Kigali, Rwanda.
According to the President, Africa needs financial institutions that have a deeper understanding of its economies and are better positioned to assess the continent’s risks based on its actual economic fundamentals and ongoing reforms.
“AfCRA is another step towards that goal,” PBAT said.
He stressed that African countries are not seeking preferential treatment or favourable credit ratings, but rather a fair and objective assessment of their 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,” the President stated.
Tinubu, however, noted that the success of AfCRA would ultimately depend on its ability to gain the confidence of international investors and global capital markets.
He said such confidence would be built on the agency’s independence, credibility and the rigour of its assessments.
The President expressed optimism about the agency’s official launch on October 7, describing it as a major development in Africa’s efforts to strengthen its financial architecture and improve how the continent’s economic risks are understood and evaluated globally.