The African Union (AU) has launched the African Credit Rating Agency (AfCRA) in Port Louis, Mauritius, in a move aimed at improving assessments of African economies and widening access to international capital markets.
The agency was officially launched on Wednesday in the presence of AU Commission Chairperson Mahmoud Ali Youssouf, who described it as a step towards greater financial autonomy for the continent.
AfCRA will provide independent assessments of African economies and credit risks, drawing on regional data and expertise. It is designed to complement, rather than replace, major international rating agencies, with its credibility depending on independence, transparency and compliance with international standards.
According to the AU, 32 of its 55 member states have ratings from the three major international agencies, leaving 23 without coverage from those institutions. AfCRA aims to expand coverage and help more African governments and businesses access capital markets.
Approved by the AU in 2018, the project was developed under the African Peer Review Mechanism. Mauritius was selected to host the agency’s headquarters, with regional offices planned across the continent.
At the launch, Youssouf urged African governments to maintain sound economic management, fiscal discipline and sustainable debt levels, stressing that the agency’s credibility will depend on rigorous assessments rather than favourable ratings.
