The African Export-Import Bank (Afreximbank) has called on the Africa Credit Rating Agency (AfCRA) to develop credit assessment standards that reflect the continent’s economic realities, institutional structures and financial markets.
Denys Denya, Senior Executive Vice President of Afreximbank, said the agency should establish an independent identity based on African best practices rather than simply adopting methodologies developed elsewhere.
He said AfCRA must provide credible assessments of African economies while remaining independent, transparent and accountable.
The comments followed the agency’s official launch in Mauritius on October 7, 2026, marking a new phase in efforts to strengthen Africa’s financial architecture and expand the continent’s capacity to assess credit risk.
AfCRA urged to maintain independence
Denya stressed that the agency’s success would depend on its ability to maintain independence and deliver reliable assessments of governments, financial institutions and businesses across Africa.
He said its value should not be measured by whether it awards African borrowers more favourable ratings, but by the quality of its analysis, the reliability of its data and the transparency of its methodology.
Afreximbank also said African-owned institutions must be assessed according to their financial fundamentals, performance, legal frameworks, mandates and operating models to ensure balanced evaluations of their creditworthiness.
Africa seeks fairer assessment of credit risk
Credit ratings influence how investors assess risk and determine the cost at which governments and businesses can borrow money.
African leaders have raised concerns that international ratings may not fully account for the continent’s economic conditions, potentially contributing to higher borrowing costs.
The African Union said AfCRA would provide an additional perspective by incorporating African data, expertise and local economic conditions into credit assessments. The agency is expected to rate sovereign borrowers, subnational entities, financial institutions and private companies.
However, the new agency is not intended to shield borrowers from scrutiny or guarantee favourable ratings. Its credibility will depend on whether investors consider its assessments independent, technically sound and consistent with internationally recognised standards.
New agency to complement existing rating firms
AfCRA is expected to complement established international and regional credit rating agencies rather than replace them.
Afreximbank said the additional source of analysis could improve competition, strengthen transparency and expand the availability of credit information, particularly for African issuers that currently lack sufficient ratings coverage.
The bank also highlighted the importance of developing deeper domestic and regional capital markets to help mobilise funding for infrastructure, trade, industrialisation and economic development.
As AfCRA begins operations, its ability to deliver credible assessments while reflecting Africa’s distinctive economic conditions will be central to building investor confidence and supporting access to finance across the continent.
