The African Union (AU) has officially launched the Africa Credit Rating Agency (AfCRA) in Mauritius, establishing a new continent-focused institution aimed at strengthening Africa’s financial architecture and providing independent assessments of sovereigns, businesses and financial institutions.
AU Commission Chairperson Mahmoud Ali Youssouf joined senior Mauritian officials, Burundi’s Prime Minister Nestor Ntahontuye, UN Assistant Secretary-General Ahunna Eziakonwa and Afreximbank Executive Vice President Denys Denya at the launch ceremony in St. Louis, Mauritius, on Wednesday.
Youssouf described AfCRA as an important milestone in Africa’s efforts to strengthen its financial architecture and economic sovereignty, while ensuring that African economies are assessed with greater depth, context and independence.
The agency is mandated to provide credit assessments based on African data, expertise and economic realities, complementing existing global credit rating agencies with an Africa-focused perspective.
AfCRA is designed to provide independent ratings for African sovereigns, sub-sovereigns, companies and institutions, while helping address information gaps and improve the quality of credit-risk assessments available to investors.
The agency is headquartered in Port Louis, Mauritius, which the AU said was selected because of the country’s established financial sector, regulatory framework and connectivity with African and global markets.
The launch comes as African countries face significant debt-servicing pressures. Africa’s external debt service increased from $61 billion in 2010 to $163 billion in 2024, according to AU figures.
The creation of AfCRA was endorsed by the AU Assembly in 2018, while African finance ministers and economic officials adopted a declaration supporting the agency in Nairobi in July 2023.
The agency is intended to broaden access to credible credit assessments, support access to capital and contribute to the development of stronger financial markets across Africa.
