Tinubu Advocates for Africa Credit Rating Agency Launch

The Africa Credit Rating Agency (AfCRA) was officially launched by the African Union in Port Louis, Mauritius, as an institution focused on providing independent creditworthiness assessments for African governments, companies, and institutions. Dada Olusegun, Special Assistant to President Bola Tinubu on Social Media, stated that Tinubu played a significant role in advocating for this agency, which was first proposed in 2017.

Olusegun noted that Tinubu's recent efforts have made the establishment of AfCRA a reality. Tinubu had previously made the case for an African rating agency in a Financial Times article in February and reiterated it at the Africa CEO Forum in Kigali in May.

The African Union indicated that AfCRA, endorsed in 2018, will complement international credit rating agencies by offering assessments based on African data and economic realities. Mahmoud Ali Youssouf, Chairperson of the AU Commission, emphasized that AfCRA would provide independent and rigorous assessments without guaranteeing favorable ratings for African countries.