President William Ruto /PCSPresident William Ruto has welcomed the launch of the Africa Credit Rating Agency (AfCRA), describing it as a major step towards strengthening the continent’s financial sovereignty.
The President said the agency will also ensure African economies are assessed fairly.
A credit rating agency (CRA) is an institution that assesses how likely a government, company or other borrower is to repay money it borrows. It gives investors an indication of how risky it is to lend money to a particular country or company.
In a statement, Ruto congratulated the African Union on the launch of the agency in Port Louis, Mauritius, saying it reflected the continent’s determination to build effective institutions capable of advancing its development agenda.
The President, who serves as the African Union Champion for Institutional Reform, commended the African Peer Review Mechanism and its partners for their role in establishing the institution.
He said he had consistently advocated reforms to the global financial architecture, including more credible assessments of African risk and the establishment of an African-led credit rating agency that reflects the continent’s economic realities and potential.
“Its launch affirms a wider continental aspiration: Africa must shape its own narrative, strengthen its financial sovereignty and mobilise capital for development on fairer terms,” Ruto said.
He called on African leaders to support the agency while safeguarding its independence, professionalism and methodological integrity.
Ruto also announced that Kenya was ready to begin discussions on Nairobi hosting a secondary jurisdiction for AfCRA and on the country becoming a sovereign client of the agency.
He said Kenya’s proposed engagement would demonstrate the political commitment and continental solidarity needed to turn Africa’s development ambitions into lasting institutions.
The President noted that global markets were being reshaped by geopolitical competition, volatile capital flows, the energy transition and artificial intelligence, making it necessary for Africa to have institutions that interpret these changes in the context of its own priorities.
He described AfCRA as more than a new institution, saying it could help strengthen investor confidence, expand Africa’s policy space and give the continent greater influence in the global financial system.
The agency is expected to provide an African-led perspective on credit risk, amid longstanding calls for reforms to how African economies are assessed by international financial institutions and rating agencies.
