AfCRA: Africa Wants Fair, Not Favourable Credit Ratings — Tinubu

President Bola Tinubu has said Africa is not asking for favourable credit ratings but fair assessments grounded in the continent’s economic fundamentals and the reforms being implemented across its economies.

The President stated this in a post on his official X handle while welcoming the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially launch on 7 October.

Tinubu said the establishment of AfCRA represents another step towards Africa’s goal of building financial institutions that understand the continent’s economies and can properly assess its risks.

“I welcome the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially launch on 7 October,” the President said.

He recalled that he had made the case for an African credit rating agency in the Financial Times in February and again spoke about the need for Africa to build financial institutions that understand its economies at the Africa CEO Forum in Kigali in May.

“In February, I made the case in the Financial Times for an African credit rating agency. In May, at the Africa CEO Forum in Kigali, I spoke again about the need for Africa to build financial institutions that understand our economies and can properly assess our risks.

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

Tinubu stressed that Africa was seeking fairness rather than preferential treatment in the assessment of its economies.

“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,” he stated.

The President, however, said the new African Credit Rating Agency must earn the confidence of global capital through its independence and the rigour of its work.

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

He added that he was looking forward to the official launch of AfCRA on 7 October.