Demands Fair Assessment of the Continent’s Economies
President Bola Tinubu has welcomed the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially start operations on October 7, calling the initiative a major step towards creating a more trustworthy and Africa-oriented financial structure.
Tinubu, who has long supported establishing an African credit rating agency, stated that the continent is not asking for special treatment or favorable ratings, but for a fair and thorough evaluation of its economies based on their fundamentals, reforms, and actual risk profiles.
The President made this position clear in a statement posted on his official X account, @officialABAT, in which he expressed his support for the AU’s announcement of AfCRA’s October 7 launch.
He remembered advocating for an African credit rating agency in an article published by the Financial Times in February, arguing that Africa needs institutions capable of better understanding the unique aspects of its economies and providing more precise assessments of investment risks.
Tinubu also said he repeated this argument in May at the Africa CEO Forum in Kigali, Rwanda, emphasizing the importance of developing African financial institutions that can evaluate the continent’s economic realities more accurately.
He believes that the creation of AfCRA is another vital step toward achieving that goal.
The President said: “I welcome the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially launch on October 7.
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 assess our risks properly.
“AfCRA is another step toward that goal.”
Tinubu emphasized that the initiative will only be meaningful if it can earn the trust of international investors and global capital markets.
He therefore urged the proposed agency to build its credibility through independence, professional rigor, and objective evaluations.
“Africa is not asking for favorable ratings. We are asking for fair ratings, grounded in our fundamentals and in the reforms our economies are actually carrying out,” the President said.
He added: “AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigor of its work.
“I look forward to October 7.”
The President’s support comes amid increasing calls for reforms in how African economies are rated by international credit-rating agencies, especially over concerns that ratings may not always truly reflect the continent’s economic fundamentals, reform efforts, and investment opportunities.
AfCRA is expected to offer an Africa-based perspective in sovereign and other credit evaluations, while strengthening the continent’s financial structure and possibly improving access to capital for African governments and businesses.
Tinubu has made reforming Nigeria’s economy and mobilizing domestic and international investment a core focus of his administration, repeatedly arguing that stronger institutions, better fiscal management, and credible economic reforms are essential to attracting long-term capital.
The launch of AfCRA, he said, is not just about creating another financial institution, but about giving Africa greater control over how its economic risks and investment prospects are understood and communicated to the global financial community.
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