‘New Africa Credit Rating Agency will bring more African data’

The Africa Union Commission Chairperson, Mahmoud Ali Youssouf, announced the establishment of the new Africa Credit Rating Agency (AFCRA) during its launch in Mauritius. Youssouf emphasized that AFCRA aims to bring more African data, expertise, and realities into the assessment of the continent's credit risk. He highlighted the agency's role in strengthening Africa's financial sovereignty, acknowledging the significant debt servicing pressures faced by member countries.

Youssouf clarified that AFCRA is not intended to replace existing international credit rating agencies but rather to complement them, providing an additional Africa-focused perspective. The agency will address information gaps through the use of Africa data, African expertise, and African realities. Youssouf stressed that this initiative aligns with Agenda 2063, self-reliance, and financial sovereignty for the purpose of African development.