President Bola Tinubu has welcomed the planned launch of the African Credit Rating Agency (AfCRA), saying Africa needs financial institutions that better understand the continent’s economies and risks.
The African Union has announced that the agency will officially launch on 7 October in Port Louis, Mauritius.
President Tinubu said the development was another step towards building African financial institutions capable of providing more accurate assessments of the continent’s economies.
The president disclosed this in a post on his official X account on Thursday, recalling that he had advocated for an African credit rating agency in a February 2026 Financial Times article.
He said he also raised the issue at the Africa CEO Forum in Kigali, Rwanda, in May, where he called for Africa to develop financial institutions that understand its economic realities.
