Kenya backs new credit rating agency to boost Africa’s investment position

Kenya has shown support for the newly formed Africa Credit Rating Agency (AfCRA) as a significant move toward enhancing the continent's credit standing. During his address through his official X handle, President William Ruto welcomed the establishment of this independent credit rating agency, which will be based in Mauritius. Ruto emphasized that AfCRA's role is crucial in ensuring a fair evaluation of the African credit market, reflecting the true economic realities and potential of the continent.

The AU-led AfCRA was launched on October 7, 2026, and aims to deliver reliable, independent, and technically rigorous assessments of African economies and credit risks to both African and international investors. As global markets continue to be reshaped by geopolitical competition, volatile capital flows, the energy transition, and artificial intelligence, the AU believes that Africa requires trusted institutions capable of interpreting these changes within its own context and development priorities.

The AU anticipates that AfCRA will help bridge information and analytical gaps by incorporating African data, expertise, and realities more comprehensively into the assessment process. President Ruto invited AfCRA to discuss Nairobi serving as a secondary jurisdiction for the agency and for Kenya to become a sovereign client of this vital continental institution.