Africa is taking a decisive step toward reshaping the global financial order with the launch of the Africa Credit Rating Agency (AfCRA) — a landmark initiative designed to deliver fairer, more contextual and more credible assessments of the continent’s economies. The announcement marks a pivotal moment in Africa’s long-standing push for financial independence and structural reform of an international credit rating system that has often failed to reflect the continent’s true economic realities.

At a high-level panel discussion on “Reconfiguring Global Credit Rating Practices: African Perspectives on Reforming the Financial Architecture” held on 23 September 2025 in New York, the African Peer Review Mechanism (APRM) revealed that the Republic of Mauritius has been chosen as the primary jurisdiction and host for AfCRA’s headquarters. The decision, announced by H.E. Amb. Marie-Antoinette Rose-Quatre, Chief Executive Officer of the APRM, follows a comprehensive and competitive bidding process overseen by an independent transaction adviser.
“Africa is no longer content to be a passive observer in this discourse,” said Amb. Rose-Quatre. “We are taking ownership of our narrative and driving forward meaningful, homegrown solutions.”

Building a Homegrown Solution

With registration currently underway through the Financial Services Commission of Mauritius, AfCRA is expected to establish its headquarters by the end of 2025. A robust shareholding structure, strong management team, and regional subsidiaries across multiple African jurisdictions will ensure the agency’s truly pan-African reach. Preparations are already in progress for the agency to issue its first sovereign credit ratings in 2026, with full operationalisation targeted for the second quarter of that year.
In addition to the headquarters, plans are in place to establish regional offices to strengthen AfCRA’s local presence, expand its reach, and deepen its integration into Africa’s financial ecosystems.

A Complement to, not a Replacement for, Global Agencies

AfCRA’s vision is not to replace existing global rating agencies but to complement them by providing a more balanced and representative perspective. Its mission is rooted in the belief that Africa’s growth potential, fiscal reforms and structural transformations deserve fair recognition in global capital markets. By delivering contextualised ratings, AfCRA aims to help governments and businesses across the continent access financing on more favourable terms, reducing borrowing costs and attracting long-term investment.
“AfCRA is not just about Africa,” Amb. Rose-Quatre emphasised. “It is about contributing to a more balanced, inclusive and equitable global financial architecture.”

Driving a Continental Vision

The creation of AfCRA is also a strategic pillar of Africa’s broader financial sovereignty agenda. Amb. Rose-Quatre has already briefed the Chairperson of the African Union Commission and is set to present the agency’s roadmap to finance ministers and economic planners at the upcoming 8th Specialised Technical Committee meeting in South Africa. These engagements are expected to shape policies and partnerships that will underpin AfCRA’s long-term success.
The initiative has attracted the support of several strategic partners and institutions, including Afreximbank, Open Society Foundations, the United Nations Economic Commission for Africa, the United Nations Development Programme, AfriCatalyst and the Africa Centre for Economic Transformation — all of which have been instrumental in driving the agency from concept to reality.

A Defining Moment for Africa’s Financial Future

The launch of AfCRA is more than just the birth of a new institution; it is a symbol of a new era. By creating an institution that understands the continent’s complexities and evaluates its risks and opportunities with nuance and fairness, Africa is asserting itself as a shaper, not just a subject of international financial governance.
“AfCRA has moved beyond deliberations and is now a tangible reality,” Amb. Rose-Quatre concluded. “It is an institution born in our lifetime to affirm Africa’s role in shaping the global financial system.”
With AfCRA set to begin issuing ratings in 2026, Africa is no longer asking for a seat at the table — it is building one. And in doing so, it is taking a decisive step toward a more equitable, inclusive and representative global financial architecture.