President Bola Ahmed Tinubu has welcomed the October launch of the African Credit Rating Agency (AfCRA), describing it as another step towards building African financial institutions capable of properly assessing the continent’s economies and risks.
President Tinubu stated this in a message posted on his official X handle, @OfficialABAT, while reacting to the African Union’s announcement that AfCRA will officially launch on October 7.
“AfCRA is another step towards that goal,” the President said.
He recalled that in February, he made the case in the Financial Times for an African credit rating agency and reiterated the call in May at the Africa CEO Forum in Kigali, Rwanda.
President Tinubu emphasised that Africa needs financial institutions that understand the continent’s economies and can properly assess its risks, taking into account its economic fundamentals and ongoing reforms.
He highlighted that Africa is not seeking preferential treatment from credit rating institutions but fair assessments that accurately reflect the realities 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 said.
The President also maintained that AfCRA must earn the confidence of global capital through the independence and rigour of its assessments.
“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work,” President Tinubu said.
The President expressed optimism about the initiative, saying he looks forward to AfCRA’s official launch on October 7.
