Port Louis, Mauritius, 8 October 2026 (ECA) – Africa has officially launched its own credit rating agency, marking an important milestone in efforts to improve how African economies are assessed, address longstanding concerns over high borrowing costs and attract more investment for development.
The Africa Credit Rating Agency (AfCRA), launched in Mauritius on 7 October 2026, is an independent, private sector-driven institution established to bring additional data, knowledge and perspectives into the assessment of African economies. It will complement, rather than replace, existing international credit rating agencies.
The launch follows years of work by the African Union and the African Peer Review Mechanism (APRM), supported by the Economic Commission for Africa (ECA), African financial institutions and other partners.
African Union Commission Chairperson ,Mahmoud Ali Youssouf, described the launch as an important milestone in Africa's economic development, while emphasizing that the agency must maintain its independence to earn the confidence of investors and financial markets.
He also cautioned that AfCRA alone would not significantly reduce Africa's cost of capital, underscoring the need for broader reforms to address the continent's financing challenges.
For African countries, the stakes are considerable. Credit ratings influence borrowing costs, investor confidence and access to capital markets. Where perceptions of risk do not adequately reflect economic realities, governments can face higher financing costs, leaving fewer resources available for infrastructure, health, education and other development priorities.
ECA’s Deputy Executive Secretary, Hanan Morsy, said persistent risk premiums were estimated to cost Africa approximately $75 billion annually in excess interest payments.
She said AfCRA offered an opportunity to address this imbalance by bringing a deeper understanding of African economies, data and reform trajectories into the ratings landscape, thereby broadening the information available to investors.
However, Ms. Morsy emphasized that better ratings alone would not resolve Africa's financing challenges. Countries must also strengthen their economic fundamentals through sound macroeconomic management, domestic resource mobilization, responsible fiscal policies and reliable economic data.
ECA, working with the African Union, the African Development Bank and other partners, continues to support member States in strengthening these fundamentals and improving their creditworthiness.
In a statement delivered on his behalf by Uganda's State Minister of Finance, Planning and Economic Development, Amos Lugoloobi, President Yoweri Museveni emphasized the importance of linking Africa's trade integration efforts with deeper financial integration.
President Museveni, who chairs the African Peer Review Forum of Heads of State and Government, said stronger capital markets, credible financial institutions and reliable credit information were essential to supporting regional investment and economic transformation, including through the African Continental Free Trade Area (AfCFTA).
Mauritius Minister of Financial Services and Economic Planning Jyoti Jeetun stressed that the objective was not to secure more favourable ratings for African countries, but to ensure their economies were assessed more accurately.
“AfCRA is not about asking the world to rate Africa more favourably. It is about helping the world understand Africa more accurately,” Ms. Jeetun said.
APRM Chief Executive Officer Ambassador, Marie-Antoinette Rose-Quatre, reflecting on the decade-long effort to establish the agency, stressed the importance of protecting it from political interference and ensuring rigorous, unbiased assessments.
“Independence must not be a slogan used at launch; it must be the discipline by which this institution lives,” Ambassador Rose-Quatre said.
UN Special Adviser on Africa, Ahunna Eziakonwa, emphasized that establishing AfCRA was only the beginning. African financial institutions, pension funds, development banks and central banks must now demonstrate confidence in the agency by using its ratings.
“We cannot ask global capital to trust what African capital treats as optional,” Ms. Eziakonwa said.
She also highlighted the importance of reliable data, regulatory recognition, institutional independence and a credible track record built over time.
Beyond sovereign ratings, AfCRA is expected to provide assessments of subnational entities and African companies, helping improve access to credit information, deepen domestic capital markets and create more opportunities for investment within the continent.
The agency's establishment forms part of wider African efforts to reform the international financial architecture, mobilize domestic and international capital and improve access to affordable financing for sustainable development.
Mauritius, which will host AfCRA's headquarters, was selected as the agency's primary jurisdiction. The agency's management team is led by Chief Executive Officer Sifiso Falala, who will oversee its operations.
The next task will be translating the ambition behind AfCRA into a credible, independent institution whose assessments command the confidence of African and international financial markets
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