AfCRA launched to reshape Africa’s place in global finance

A new chapter in Africa’s financial architecture was marked, yesterday afternoon, at the InterContinental Resort in Balaclava with the official launch of the African Credit Rating Agency (AfCRA), aimed at strengthening the assessment of African economies and supporting improved access to capital.

The ceremony was attended by the Acting President of the Republic of Mauritius, Mr Robert Hungley; the Minister of Financial Services and Economic Planning, Dr (Mrs) Jyoti Jeetun; the Minister of Foreign Affairs, Regional Integration and International Trade, Mr Dhananjay Ramful; the Prime Minister of the Republic of Burundi, Mr Nestor Ntahontuye; the Chairperson of the African Union Commission, Mr Mahmoud Ali Youssouf; the Chief Executive Officer of the African Peer Review Mechanism, Ambassador Marie Antoinette Rose-Quatre; and other dignitaries.

In her address, Dr Jeetun stated that AfCRA will help ensure that Africa’s economic realities, risks, opportunities and potential are more accurately understood by international markets. She pointed out that the way economies are assessed can influence their international perception and, consequently, investor confidence and access to capital. Against this backdrop, she reaffirmed Mauritius’ commitment to strengthening Africa’s financial ecosystem and supporting investment opportunities across the continent.

For his part, Minister Ramful described the establishment of AfCRA as a historic institutional milestone in Africa’s efforts to strengthen its position in global financial governance. He underlined that the international credit rating market is highly concentrated and stressed the importance of developing an institution capable of providing an assessment grounded in African realities. He also noted that AfCRA’s success would ultimately be measured by the confidence it earns in international capital markets.

As for the Prime Minister of Burundi, he presented AfCRA as an expression of Africa’s aspiration for greater financial sovereignty. He underscored the impact of sovereign credit ratings on countries’ ability to finance infrastructure, energy, education, healthcare and productive sectors. He called for the support of Governments, central banks, the private sector and development partners to ensure the agency’s successful operation.

Turning to the broader financial landscape, Mr Ali Youssouf pointed to AfCRA’s contribution to Africa’s wider efforts to strengthen financial sovereignty and build expertise in assessing its economies. He called for parallel reforms to the global financial system to address structural challenges that continue to affect Africa’s access to finance.

Earlier, a press conference was held in the presence of Dr Jeetun, Mr Ali Youssouf and Ambassador Rose-Quatre, during which the dignitaries outlined the evolution of the AfCRA initiative, from its endorsement by the African Union in 2017 and the APRM’s subsequent mandate to operationalise it in 2024, to the development of its institutional, technical and governance framework.

They explained that AfCRA would complement existing international rating agencies by providing additional African data, expertise and context in the assessment of the continent’s economies. The agency’s operations, they noted, would be guided by sound methodologies, technical rigour, transparency and robust governance to ensure the quality and reliability of its assessments.

08 October 2026

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Topics: Financial Services