Harmony Katulondi

A historic milestone for financial sovereignty For decades, skewed risk perceptions have forced African nations to pay an unfair "risk premium" on global capital. The African Credit Rating Agency (AfCRA), headquartered in Mauritius, is created to rewrite that narrative with context-driven credit opinions for sovereign and corporate entities. Save the date 7 October 2026 📍 Mauritius #Agenda2063

AU Commission Chairperson Helps Officially Launch Africa Credit Rating Agency (AfCRA) This evening in St. Louis, #Mauritius, Chairperson of the African Union (AU) Commission, H.E. Mahmoud Ali Youssouf, joined H.E. Dhananjay Ramful, Minister of Foreign Affairs, Regional Integration and International Trade of Mauritius; H.E. Dr. Jyoti Jeetun, Minister of Financial Services and Economic Planning of Mauritius; H.E. Nestor Ntahontuye, Prime Minister of the Republic of Burundi; H.E. Ahunna Eziakonwa, United Nations Assistant Secretary-General and UN Special Adviser for Africa; and H.E. Denys Denya, Executive Vice President of the African Export-Import Bank (Afreximbank), alongside members of the private sector and the diplomatic community, for the official launch of the Africa Credit Rating Agency (AfCRA). Earlier in the day, the Chairperson briefed the media ahead of the launch, describing 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 @ymahmoudali 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, H.E. Mahmoud Ali 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. He underscored that credit ratings directly affect the cost and availability of capital. Where assessments do not sufficiently reflect African data, realities and context, countries can face higher borrowing costs, constraining their ability to finance infrastructure, health, education, energy, industrialisation and other development priorities, at a time when many Member States are already facing significant debt-servicing pressures. 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 favourable 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. Its ratings must be evidence-based and free from political considerations and conflicts of interest. At the same time, African countries must 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. A stronger African financial architecture is essential to mobilising the resources required to transform African economies and advance sustainable development. Speaking alongside the Chairperson, H.E. Dr. Jyoti Jeetun described AfCRA’s launch as a landmark moment for Mauritius and Africa, highlighting its potential to reinforce Africa’s financial architecture, deepen capital markets and strengthen the continent’s capacity to mobilise capital for development. She underscored Mauritius’ commitment to serving as a platform connecting capital with African opportunities, including in infrastructure, renewable energy, telecommunications, healthcare and agribusiness, while stressing that AfCRA’s independence, professionalism and robust methodology will be critical to building market confidence. H.E. Amb. Marie-Antoinette Rose Quatre, CEO of the African Peer Review Mechanism (APRM), provided the institutional context behind AfCRA, recalling that the AU endorsed its establishment in 2017 and that the APRM was subsequently entrusted with supporting the process of translating that decision into an operational institution. She highlighted the APRM’s contribution to generating evidence on limitations and biases in the assessment of African sovereign risk; developing AfCRA’s technical, operational and institutional framework; strengthening Member States’ understanding of credit-rating methodologies; and establishing governance arrangements to safeguard its analytical and operational independence. The APRM CEO emphasised that credibility will be AfCRA’s greatest asset. Its ratings must be evidence-based, transparent, technically rigorous and independent. She called on African governments and institutions to provide accurate and timely information, while encouraging investors, financial institutions and the media to scrutinise AfCRA’s work rigorously. At the official launch, H.E. Mahmoud Ali Youssouf described the establishment of AfCRA as a watershed moment in Africa’s economic history and a significant step towards strengthening the continent’s financial sovereignty. He acknowledged the leadership of AfCRA, H.E. Amb. Marie-Antoinette Rose Quatre and the APRM team, as well as AU policy organs, African financial institutions, the African Development Bank, the United Nations and other partners whose commitment and support have contributed to bringing AfCRA to fruition. The Chairperson underscored that Africa must become a leading participant in shaping the evolving global economic and financial order. AfCRA will contribute to this objective by strengthening African capacity, improving understanding of economic trends, providing objective assessments of risks associated with African economies and contributing to the work of Africa’s shared financial institutions. He stressed that Africa must meet global standards while ensuring that its economies are assessed through greater access to African data, expertise and economic realities. AfCRA is therefore not about seeking favourable ratings, but about ensuring credible, independent and context-sensitive assessments that contribute to a more balanced global financial architecture. He further noted that perceptions of African risk have consequences for the cost of capital and the continent’s ability to mobilise resources for development. African institutions therefore have a responsibility to advocate for the interests of African economies and help address structural challenges in global financial markets. The Chairperson commended the APRM, AU institutions, African financial institutions, development partners and other stakeholders for their sustained efforts in establishing AfCRA, and congratulated Mauritius for its leadership and for providing a conducive environment for this important continental institution. The official launch of AfCRA marks another step towards an Africa that is more confident, economically sovereign and better positioned to shape its own narrative and destiny. Read @ au.int/en/pressreleases/2026… @APRMorg