AU to Launch African Credit Rating Agency on October 7

The African Union (AU) announced the official launch of the African Credit Rating Agency (AfCRA) on October 7, 2026, in Port Louis, Mauritius, where the agency will be headquartered. This launch represents a significant advancement in Africa's pursuit of financial independence and aims to tackle the issues surrounding the assessment of African economies by global credit rating agencies.

The AU described AfCRA as a landmark achievement for Africa’s financial sovereignty, stating that skewed risk perceptions have historically forced African nations to incur an unfair 'risk premium' on global capital. The agency is designed to provide alternative credit opinions that reflect Africa's economic realities and growth potential.

It will not be owned by African governments to maintain its credibility and independence and will primarily focus on ratings for local-currency debt instruments. The initiative responds to long-standing concerns from African governments regarding the impact of international credit ratings on borrowing costs and debt challenges.