On the 14th of February 2025, Heads of State and Governments gathered for a Presidential Dialogue on creating the African Credit Rating Agency (AfCRA). Held during the 37th African Union Ordinary Summit at the AU Headquarters, this event underscores Africa’s commitment to strengthening financial sovereignty and addressing long-standing issues with global credit rating practices.

For years, many African governments have challenged how international credit rating agencies assess their economies. They argue that these ratings often fail to capture the unique economic dynamics of the continent. In response, African leaders have been calling for a credit rating agency focused solely on Africa.

The idea for AfCRA first emerged in March 2019, when AU Finance and Economy Ministers identified the need for such an institution. The concept gained momentum in 2022 when former Senegalese President Macky Sall, then Chair of the African Union, advocated for a “Pan-African Credit Agency.” Ghana’s President Nana Akufo-Addo further championed the initiative as a way to reshape how African economies are evaluated.

At the 2024 African Development Bank Group Annual Meetings, key figures—such as AfDB President Akinwumi Adesina, Kenya’s President William Ruto, and Rwanda’s President Paul Kagame—stressed that AfCRA is essential for reforming the global financial system. By focusing exclusively on African economies and using region-specific data and socio-economic indicators, the agency aims to promote transparency, fairness, and inclusivity in credit assessments.

Set to officially launch in June 2025, AfCRA will be a cornerstone of the African Union’s broader agenda for financial integration and independence. The Agency plans to provide ratings for 40% of African Governments, over 90% of African Corporations, and many Local Governments that currently lack ratings.

Although established by the AU, AfCRA will operate as an independent specialized agency. Ownership will be shared among African governments, public institutions, pan-African rating agencies, multilateral financial institutions, and national financial entities. To maintain its independence and credibility, AfCRA will adopt the internationally recognized “Issuer-pay” model. Funding will come from seed capital provided by pan-African rating agencies, loans from financial institutions, and revenue generated from its services—ensuring the integrity of its ratings.