Tinubu hails African Credit Rating Agency as push for fairer assessment of continent gains momentum

President Bola Tinubu applauded the planned October 7 launch of the African Credit Rating Agency (AfCRA), describing the initiative as a major step towards building African financial institutions capable of assessing the continent’s economies and risks based on their true realities.

The President, in a message posted on his verified X handle, @OfficialABAT, reacted to the African Union’s announcement that AfCRA would officially commence operations next month.

Tinubu said the establishment of the agency represented a significant advance in Africa’s campaign for credit assessments that are grounded in the continent’s economic fundamentals and the reforms being implemented by individual countries.

“AfCRA is another step towards that goal,” the president said.

He recalled that he had consistently advocated the establishment of an African-owned credit rating institution, first making the case in February in the Financial Times and later renewing the call in May during the Africa CEO Forum in Kigali, Rwanda.

According to him, Africa requires financial institutions that possess a deeper understanding of the continent’s economies and are better positioned to evaluate the risks and opportunities within them.

The President, however, stressed that the continent was not seeking preferential treatment or artificially favourable ratings from credit rating agencies.

Rather, he said African countries were demanding assessments that accurately reflect their economic realities, fundamentals and ongoing reforms.

“Africa is not asking for favourable ratings. We are asking for fair ratings, grounded in our fundamentals and in the reforms our economies are actually carrying out,” Tinubu said.

The President also cautioned that the credibility of the new African Credit Rating Agency would ultimately depend on its ability to win the confidence of international investors and global capital markets.

He said this could only be achieved through independence, professionalism, and rigorous assessment standards.

“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” he said.

Tinubu expressed optimism that the October launch would mark the beginning of a new chapter in Africa’s efforts to strengthen its financial institutions and ensure that the continent’s economic prospects are assessed more fairly by the global financial system.

“I look forward to the official launch on October 7,” the president said.