Africa’s first continental credit rating agency will launch in Mauritius on October 6, marking a major step in the continent’s push to reshape how global investors assess its sovereigns and companies and reduce reliance on international rating firms.
The African Credit Rating Agency (AfCRA) is being established as an independent, private sector-led institution that will provide sovereign and corporate credit ratings based on African market realities while operating on a commercial basis.
Speaking to CNBC Africa on Wednesday, Misheck Mutize, lead expert at the African Peer Review Mechanism (APRM), said preparations for AfCRA have progressed faster than initially expected following discussions at the recent African Union Specialised Technical Committee meeting.
“It means a new dimension has come. We are seeing more confidence in Africa because the investors backing this initiative are from the private sector,” Mutize said.
He said the agency will operate without government shareholding, reinforcing its independence and
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