Tinubu Praises AU for Launching African Credit Rating Agency

President Bola Ahmed Tinubu commended the African Union for its initiative to launch the African Credit Rating Agency (AfCRA), scheduled for October 7. In a statement he personally signed, Tinubu expressed that this development aligns with the pressing need for Africa to establish financial institutions capable of accurately assessing its economies and risks.

He stated that only ratings grounded in the fundamentals of African economies can provide fair assessments. Tinubu recalled advocating for an African credit rating agency in a Financial Times article in February and reiterated this need during the Africa CEO Forum in Kigali in May.

He emphasized that Africa seeks fair ratings, not favorable ones, and that AfCRA must earn the confidence of global capital through its independence and rigorous work. Tinubu concluded his statement by expressing anticipation for the official launch on October 7.