Tinubu welcomes launch of African credit rating agency
President Bola Tinubu welcomed the planned launch of the African Credit Rating Agency, announced by the African Union for 7 October in Port Louis, Mauritius. Tinubu said AfCRA could provide fairer, Africa-focused assessments and recalled his advocacy for the idea in a Financial Times article and at the Africa CEO Forum. The article notes that global ratings affect borrowing costs and that UNDP estimated rating shortcomings cost African countries about $75 billion in 2023. The African Union said AfCRA will operate alongside global agencies, and Tinubu said its credibility depends on independence and rigorous assessments.
AfCRA will launch on 7 October to provide Africa-focused ratings
Context
Tinubu argued for an African rating agency in a February Financial Times article. He raised the issue again at the Africa CEO Forum in May. The African Union set the launch for 7 October, and AfCRA must now earn investor confidence.
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