AU's Youssouf: New Credit Agency Won't Lower Costs Soon

Mahmoud Ali Youssouf, the Chairperson of the African Union Commission, cautioned that the newly launched Africa Credit Rating Agency (AfCRA) will not significantly reduce borrowing costs for African countries in the near term. He made these remarks during AfCRA's launch on October 7, 2026, in Port Louis, Mauritius.

Youssouf described the initiative as a major milestone for Africa's financial sovereignty but stressed that sustainable reductions in borrowing costs will require deeper reforms to the global financial system. He called for a more honest and equitable reform of global financial markets, noting that the agency should not be seen as a quick fix to Africa's financing challenges.

Youssouf outlined four strategic goals for AfCRA, emphasizing that its success will depend on its independence and credibility with investors. The agency aims to provide Africa-focused assessments and was conceived as an alternative to international rating agencies like Fitch, Moody's, and S&P, which often do not reflect the continent's economic realities.