African Union leaders have launched the Africa Credit Rating Agency (AfCRA) in Mauritius, with President William Ruto welcoming the initiative and announcing plans for Kenya to explore hosting a secondary jurisdiction of the institution in Nairobi.
In a congratulatory statement published on his X account on Monday, October 12, 2026, Ruto said Kenya was ready to support the agency and begin discussions on becoming one of its sovereign clients.
The agency was officially launched in Port Louis, Mauritius, on Wednesday, October 7, in a move aimed at improving how African economies are assessed by financial markets and addressing concerns about borrowing costs across the continent.
Ruto, who serves as the African Union Champion for Institutional Reform, said the launch represented progress towards strengthening African institutions and advancing the continent’s development agenda.
“On behalf of the Government and people of the Republic of Kenya, and on my own behalf, I convey our warmest congratulations to the African Union on the historic launch of the Africa Credit Rating Agency (AfCRA) in Port Louis, Republic of Mauritius.”
He added that the institution should help African countries present their economic circumstances more accurately to investors and international financial markets.
“I have consistently championed the reform of the global financial architecture, fair and credible assessment of African risk, and the establishment of AfCRA as an African-led institution capable of reflecting the continent’s true economic realities and potential,” Ruto said.
The Head of State maintained that Kenya intended to translate its support into practical engagement with the new institution, including discussions on Nairobi serving as a secondary jurisdiction and the country becoming a sovereign client.
“In this spirit, Kenya is pleased to welcome AfCRA and to commence discussions on Nairobi serving as a secondary jurisdiction for the agency, as well as on Kenya becoming a sovereign client of this important continental institution.”
The proposed arrangement would give Kenya an opportunity to participate in the agency’s work as it develops its presence across Africa. However, the announcement concerns the start of discussions rather than a confirmed decision to establish a secondary base in Nairobi.
Ruto called on African leaders to support AfCRA while protecting its independence and technical standards, arguing that its credibility would be essential to its long-term success.
“African leaders must place their full weight behind AfCRA’s success while safeguarding its independence, professionalism and methodological integrity,” he maintained.
AfCRA is intended to complement existing international credit-rating agencies by providing assessments informed by African data, expertise and economic conditions.
The African Union says the institution will assess sovereign borrowers, sub-national entities and businesses, helping address information gaps in international markets.
The initiative comes as many African governments face significant debt-servicing obligations and pressure to finance infrastructure, healthcare, education, energy and other development priorities.
Reuters reported on October 7 that Africa’s external debt-service payments reached $163 billion in 2024. It also reported that 23 African economies lacked ratings from the major international agencies, highlighting gaps in coverage.
The agency’s establishment follows years of planning. The African Union endorsed its creation in 2018, while African finance ministers and other institutions subsequently advanced the framework for its development. The African Peer Review Mechanism (APRM), working with continental and international partners, has played a leading role in turning the initiative into an operational institution.
Ruto said AfCRA’s role extended beyond credit assessments to Africa’s position in a changing global economy.
“At a moment when global markets are being reshaped by geopolitical competition, volatile capital flows, the energy transition and artificial intelligence, Africa must have trusted institutions capable of interpreting these shifts through the prism of its own realities and development priorities.”
The agency’s impact will depend on its ability to maintain independence, transparent methods and investor confidence. The African Union has emphasised that AfCRA is not intended to guarantee favourable ratings or replace established international agencies, but to provide an additional, Africa-focused assessment of credit risk.