NAIROBI, Kenya – President William Ruto has welcomed the launch of the Africa Credit Rating Agency (AfCRA) in Mauritius, saying the institution could strengthen Africa’s financial sovereignty, improve investor confidence and help the continent mobilise development capital on fairer terms.
In a congratulatory message issued following the launch in Port Louis, Mauritius, Ruto commended the African Union (AU), the African Peer Review Mechanism (APRM) and their partners for establishing the agency.
The President, who serves as the AU Champion for Institutional Reform, described AfCRA as an important step towards building effective continental institutions capable of advancing the AU’s Agenda 2063 development blueprint.
Kenya Eyes Secondary Jurisdiction For AfCRA
Ruto said Kenya was ready to begin discussions on Nairobi serving as a secondary jurisdiction for the agency, alongside talks on Kenya becoming a sovereign client.
He said the proposed engagement would demonstrate Kenya’s commitment to strengthening African institutions and supporting initiatives aimed at giving the continent a greater role in shaping its financial future.
Ruto also urged African leaders to support AfCRA while safeguarding its independence, professionalism and methodological integrity.
“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,” he said.
The proposed role for Nairobi remains subject to discussions, with further details on the arrangements yet to be outlined in the statement.
Ruto Calls For Fairer Assessment Of African Economies
The President said he had consistently supported reforms to the global financial architecture, including efforts to ensure African economies receive fair and credible assessments of their risks.
He argued that an African-led credit rating institution could better reflect the continent’s economic realities and development potential.
According to Ruto, AfCRA’s launch signals a broader ambition for African countries to shape their own economic narrative, strengthen financial sovereignty and attract capital on terms that support their development priorities.
The agency’s effectiveness, he added, would depend on collective political support while maintaining credible and independent assessments.
AfCRA Launch Comes Amid Global Economic Shifts
Ruto said the agency was launching at a time when global markets were being reshaped by geopolitical competition, volatile capital flows, the energy transition and artificial intelligence.
He argued that Africa needed trusted institutions capable of interpreting these changes in the context of the continent’s economic circumstances and development goals.
Ruto described AfCRA as more than a new institution, saying it could help strengthen investor confidence, expand Africa’s policy options and increase the continent’s influence in the global financial system.
