AU to unveil African credit rating agency October 7

The African Union (AU) plans to officially launch the African Credit Rating Agency (AfCRA) on October 7, 2026, in Port Louis, Mauritius. AfCRA aims to address concerns over how Africa’s economies are assessed by global credit rating agencies and strengthen Africa's financial independence. The agency will provide an alternative African perspective to dominant global rating agencies, such as Fitch Ratings, Moody’s Ratings, and S&P Global Ratings.

Historically, African economies have been assessed within a global financial system that may not fully reflect the continent’s economic realities, resilience, and growth potential. The AU describes AfCRA as a landmark achievement for Africa's financial sovereignty, aimed at rewriting the narrative of skewed risk perceptions and unfair 'risk premiums' that African nations have faced.

The agency will not be owned by African governments and will focus on ratings for local-currency debt instruments. The launch in Mauritius is expected to highlight Africa's capacity to build its own institutions and shape its own economic narrative, ultimately exercising greater control over its financial future.