The Africa Credit Rating Agency, endorsed by African leaders in 2018, will rate sovereign borrowers, financial institutions and private companies, operate independently, and be funded through shareholder capital and its operations, though the AU gave no shareholder details. Afreximbank executive vice president Denys Denya said that “when lenders don’t see clearly, they charge for the fog,” while former Nigerian vice president Yemi Osinbajo said AfCRA may provide a counterweight but “can’t just be a chauvinistic or nationalistic agency.” African economies are rated B to B-minus on average versus BB for other emerging regions, the continent’s annual external debt service surged to $163 billion in 2024 from $61 billion in 2010, and 23 economies currently lack a big-three rating.
African Union launches continent's first credit rating agency
The African Union launched the Africa Credit Rating Agency on Wednesday in Port Louis, Mauritius, positioning it as an alternative to the big three global agencies as debt burdens weigh on African economies.
Why it matters: The AU says African borrowers pay an unfair premium because big-three assessments miss context; investors will judge AfCRA on whether its ratings hold up in a market stress, the test every agency eventually faces.
Data as of October 8, 2026. Launch details and quotes from Reuters reporting via SABC News; the 2024 Reuters investigation finding no evidence of systemic bias in big-three ratings is included for balance.
Sources
- AU launches continent's first credit rating agency · SABC News (Reuters) · 2026-10-08
- African Union launches continent's first credit rating agency · France24 · 2026-10-08