President Bola Ahmed Tinubu has welcomed the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially commence operations on October 7, describing the initiative as a significant step towards strengthening Africa’s financial architecture.
Tinubu, in a statement issued on Thursday, said the establishment of AfCRA would advance efforts to develop financial institutions capable of better understanding and assessing African economies, their fundamentals and associated risks.
The President recalled that he had advocated the creation of an African credit rating agency in an article published by the Financial Times in February.
He said he renewed the call in May at the Africa CEO Forum in Kigali, Rwanda, where he stressed the need for Africa to develop financial institutions capable of accurately assessing the continent’s economic realities.
“AfCRA is another step towards that goal,” Tinubu said.
The President emphasised that Africa was not seeking preferential treatment from international credit rating agencies, but fair and objective assessments based on the fundamentals 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.
Tinubu, however, stressed that AfCRA must establish its credibility and earn the confidence of international investors and global capital markets.
According to him, the agency’s ability to gain such confidence would depend largely on its independence, professionalism and the 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,” the President said.
