African Credit Rating Agency to Launch September 2025
TLDR
- The African Credit Rating Agency (AfCRA), a new privately owned credit rating body, is set to begin operations by September 2025
- The agency is backed by private sector stakeholders across Africa, not governments, to ensure independence and credibility
- The launch was originally planned for June 2025 during an African Peer Review Mechanism (APRM) summit, but delays pushed the timeline
The African Credit Rating Agency (AfCRA), a new privately owned credit rating body, is set to begin operations by September 2025, aiming to deliver Africa-focused credit assessments for sovereigns, financial institutions, and corporations. The agency is backed by private sector stakeholders across Africa, not governments, to ensure independence and credibility.
AfCRA will specialize in local currency debt ratings and tailor its methodologies to African economies using regional data and socioeconomic indicators. Its first sovereign rating is expected between late 2025 and early 2026.
The launch was originally planned for June 2025 during an African Peer Review Mechanism (APRM) summit, but delays pushed the timeline. Misheck Mutize, a credit rating expert at APRM, confirmed that consultations are ongoing to appoint the agency’s first director general.
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Key Takeaways
AfCRA’s creation reflects growing frustration among African leaders with global rating agencies like Moody’s, Fitch, and S&P, which are frequently accused of overstating African credit risk, thereby inflating borrowing costs. The recent downgrade of Afreximbank by Fitch further intensified calls for a homegrown alternative. While not designed to replace global firms, AfCRA will offer a complementary lens on African creditworthiness, grounded in continent-specific realities and aligned with AU development goals. The agency will also help address data gaps, lower rating costs, and enhance transparency for local and international investors. AfCRA joins a landscape that includes Bloomfield Investment Corporation (Côte d’Ivoire) and Augusto & Co (Nigeria). However, its continental mandate, governance model, and exclusive focus on Africa’s economic context could make it a strategic counterweight to foreign-owned rating agencies, especially after Moody acquired South Africa’s GCR Ratings in 2024.
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