African Credit Ratings Agency (AfCRA) plans to release its first sovereign credit ratings by March 2026. The agency, launched in 2025, is based in Lagos, Nigeria, and aims to provide independent credit assessments for African countries. AfCRA has already begun preliminary evaluations of several nations and is finalizing its methodology for sovereign ratings. The initiative is part of a broader effort to increase financial transparency and attract foreign investment to the continent.
AfCRA was established to address the lack of local credit rating expertise in Africa. Until now, most African countries relied on international agencies such as S&P and Moody’s. AfCRA’s launch is seen as a step toward greater economic autonomy. The agency has already received support from several African governments and financial institutions. Its first ratings will cover selected countries in West and East Africa. The agency plans to expand its coverage to include more nations in the coming years.
The creation of AfCRA follows years of discussions among African leaders about the need for a regional credit rating body. The idea gained momentum after the 2023 African Union summit, where financial independence was highlighted as a key priority. AfCRA’s launch is also part of broader economic reforms aimed at improving Africa’s standing in global financial markets. The agency’s success could influence how African countries are perceived by investors and international lenders.
