President Bola Tinubu has welcomed the African Union’s announcement that the African Credit Rating Agency (AfCRA) will begin operations on Oct. 7.
Tinubu said AfCRA would strengthen Africa’s financial institutions by providing credit assessments that better reflected the continent’s economic realities.
The President stated this in a message posted on his official X handle on Thursday, reacting to the AU’s announcement.
He recalled advocating an African credit rating agency in a February article published by the Financial Times, before reiterating the call in May.
Tinubu made the second call while speaking at the Africa CEO Forum in Kigali, Rwanda, stressing the need for institutions that understand African economies.
“AfCRA is another step toward that goal,” Tinubu said, emphasising the importance of accurate assessments of African risks and economic fundamentals.
He stressed that Africa was not seeking preferential treatment from international credit rating agencies, but fair assessments based on its realities.
“Africa is not asking for favourable ratings. We are asking for fair ratings, grounded in our fundamentals and reforms,” he said.
According to him, AfCRA should strengthen Africa’s capacity to present its economic fundamentals and ongoing reforms more accurately to investors.
He, however, said the agency must demonstrate independence and professional rigour to gain the confidence of investors and global capital markets.
“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” he said.
Tinubu expressed optimism that the agency would improve the assessment of African economies and risks while strengthening institutions suited to the continent’s realities.
“I welcome the African Union’s announcement that the African Credit Rating Agency will officially launch on Oct. 7,” he said.
The President said his advocacy was driven by the need for credible, context-sensitive institutions capable of accurately assessing African economies and reforms.
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