The African Export-Import Bank (Afreximbank) has expressed strong support for the newly launched Africa Credit Rating Agency (AfCRA), highlighting its potential to enhance the continent’s financial framework. However, the bank emphasized that the agency’s success will hinge on its credibility rather than merely providing favorable ratings.
AfCRA was officially launched in Port Louis, Mauritius, and aims to offer an African perspective on credit ratings for sovereigns, sub-sovereigns, and corporations. Credit ratings are crucial in determining access to capital, influencing investor perceptions, and establishing borrowing costs for governments and businesses alike.
Denys Denya, Senior Executive Vice President of Afreximbank, spoke at the launch, stating that the rating system must reflect the unique economic environment and institutional frameworks present in Africa. He urged AfCRA to develop its own standards based on “African best practices” rather than imitating those of other regions.
Denya stressed the importance of the agency maintaining its independence, stating, “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans.” He underscored the need for honest assessments that highlight both the strengths and challenges within African markets.
Addressing Coverage Gaps
Afreximbank pointed out that many African entities lack ratings, and local-currency and sub-sovereign markets often face limited rating coverage. The establishment of AfCRA is expected to provide investors with better insights and contribute to the development of robust domestic and regional capital markets.
The bank, along with other members of the Alliance of African Multilateral Financial Institutions (AAMFI), has long advocated for African multilateral lenders to be evaluated based on their fundamentals and operational models. Afreximbank described AfCRA as a complementary entity to existing international and regional credit agencies, which would enhance the analysis available to investors and issuers while boosting competition and transparency in Africa’s credit markets.
Afreximbank also congratulated the African Union and the African Peer Review Mechanism (APRM) for successfully bringing AfCRA from concept to reality. As of December 2025, Afreximbank holds investment-grade ratings from several rating agencies, including China Chengxin International, GCR, Japan Credit Rating Agency, Moody’s, and S&P Global Ratings, with total assets and contingencies exceeding $48.5 billion.
