Tinubu Calls for Trust in New African Credit Agency
President Bola Ahmed Tinubu emphasized the importance of the African Credit Rating Agency (AfCRA) earning the trust of global investors through independence, credibility, and rigorous assessments. His remarks were made in a post on X ahead of the agency's official launch on October 7, 2026, confirmed by the African Union (AU).
Tinubu has long supported an Africa-owned credit rating agency that reflects local economic realities and ongoing reforms. He previously advocated for this initiative in a Financial Times opinion article in February and at the Africa CEO Forum in May.
The AU announced that AfCRA will be headquartered in Port Louis, Mauritius. Tinubu noted that countries like Ghana and Zambia have criticized credit downgrades for increasing borrowing costs.
He argued that African nations face high borrowing costs due to inaccurate assessments of their economic risks, highlighting the need for context-driven evaluations that better represent the continent's economic conditions.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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