The African Export-Import Bank (Afreximbank) has welcomed the launch of the Africa Credit Rating Agency (AfCRA), describing it as an important step towards strengthening Africa’s financial architecture and improving the assessment of credit risk across the continent.
The bank said an independent, credible and locally informed credit rating system could help improve investor understanding of African economies, expand access to finance and support the development of domestic and regional capital markets.
Credit ratings influence how investors assess risk and determine the cost of borrowing for governments, financial institutions and businesses. Afreximbank stressed that African credit assessments must be rigorous, transparent and evidence-based, while taking into account the continent’s economic conditions, institutional structures and development challenges.
The bank said AfCRA could provide an additional African-led source of credit analysis, with its credibility depending on the quality of its data, the transparency of its methodology and the independence of its assessments rather than whether it assigns more favourable ratings.
Expanding rating coverage is particularly important because many African borrowers remain unrated, while local-currency and sub-sovereign debt markets have limited coverage. Greater access to reliable credit assessments could provide investors with better information, encourage investment and help deepen regional financial markets.
Afreximbank Senior Executive Vice-President Denys Denya said the agency’s methodology should reflect Africa’s unique economic environment and institutional structures rather than simply replicate approaches developed elsewhere.
Denya emphasised that AfCRA should establish its own standards in line with African best practices while maintaining its independence and African ownership and control.
He also called on African stakeholders to support the agency and expect balanced assessments that recognise both the continent’s economic strengths and the weaknesses that need to be addressed.
The launch of AfCRA comes amid broader efforts to strengthen Africa’s financial independence, mobilise domestic capital and improve access to funding for economic development. If the agency establishes a strong reputation for analytical independence and transparency, it could contribute to better-informed investment decisions and stronger capital markets across the continent.