Kenya has thrown its weight behind the Africa Credit Rating Agency (AfCRA) terming it an important step in strengthening the continent’s credit position.
While welcoming the establishment of the new credit rating agency which is designed to independently assess Africa’s sovereign and corporate credit risks, President William Ruto said the agency based in Mauritius is key in ensuring fair assessment of the continent’s credit market.
“I have consistently championed the reform of the global financial architecture, fair and credible assessment of African risk, and the establishment of AfCRA as an African-led institution capable of reflecting the continent’s true economic realities and potential,” said President Ruto via his official X handle.
The Mauritius based AfCRA which has been formed by the African Union in collaboration with African Peer Review Mechanisms and launched on October 7, 2026 is expected to provide African and international investors with reliable, independent and technically rigorous analysis of African economies and credit risk.
The formation of the independent credit rating agency falls on the backdrop of calls by African leaders to reform how Africa’s sovereign credit is priced by big three global credit rating agencies, Moody’s, Standard and Poor’s and Fitch Ratings.
“At a moment when global markets are being reshaped by geopolitical competition, volatile capital flows, the energy transition and artificial intelligence, Africa must have trusted institutions capable of interpreting these shifts through the prism of its own realities and development priorities,” added Ruto.
AU expects AfCRA to help address information and analytical gaps by bringing African data, expertise and realities more fully into the assessment process.
“It is not intended to replace existing international credit-rating agencies, shield borrowers from scrutiny or guarantee favourable ratings. Rather, it will provide an additional, independent and Africa-focused perspective to the market,” said AU.
President Ruto further invited AfCRA and to commence discussions on Nairobi serving as a secondary jurisdiction for the agency, as well as on Kenya becoming a sovereign client of this important continental institution.
