The African Union has announced plans to officially launch the African Credit Rating Agency (AfCRA) on October 7, 2026, in Port Louis, Mauritius, where the agency is headquartered.
The launch is expected to strengthen Africa’s role in assessing its own economies and address long-standing concerns over the way African countries are rated by major international credit rating agencies.
The AU announced the development on Wednesday through a post on its official X account, describing AfCRA as a major step towards achieving greater financial sovereignty for the continent.
The Union said the agency was created to provide credit assessments that take into account the economic realities, resilience and growth prospects of African countries and companies.
According to the AU, African nations have for decades faced what it described as an unfair risk premium when accessing international capital due to perceptions about the continent’s creditworthiness.
The agency is expected to provide an alternative perspective to major global rating firms, including Fitch Ratings, Moody’s Ratings and S&P Global Ratings.
Concerns over sovereign credit ratings have persisted among African governments, with countries such as Ghana and Zambia arguing that repeated downgrades have contributed to increased borrowing costs and compounded their debt challenges.
The African Peer Review Mechanism has also previously criticised Fitch Ratings over its assessment of the African Export-Import Bank, arguing that the rating reflected an inadequate understanding of African financial institutions.
Fitch, however, has maintained that its ratings are based on consistent and transparent global criteria.
AfCRA was initially expected to launch in September 2025 but was later delayed.
The agency is expected to operate independently of African governments and focus primarily on ratings for local-currency debt instruments.
The AU said the establishment of AfCRA would demonstrate Africa’s ability to develop independent institutions, shape its economic narrative and exercise greater influence over its financial future.
The October 7 launch in Mauritius comes as African countries continue efforts to improve perceptions of the continent’s creditworthiness and reduce the impact of what they consider excessive risk assessments on access to global capital.
