Afreximbank: AfCRA Must Define Its Own African Standards for Credit Ratings

The African Credit Rating Agency (AfCRA) must develop its own standards for assessing credit risk across the continent and reflect the unique characteristics of African markets, the African Export-Import Bank (Afreximbank) has said.Speaking as AfCRA was officially launched in Port Louis, Mauritius, on the 7th of October 2026, Afreximbank Senior Executive Vice-President Denys Denya said the agency’s rating methodology must recognise the uniqueness of Africa’s economic environment and institutional structures rather than simply replicate standards developed elsewhere. “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice,’” Denya said.

A New Benchmark for African Credit AnalysisAfreximbank welcomed the launch of AfCRA as an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk. The bank said assessments of African credit risk must remain independent, rigorous and evidence-based, while reflecting a complete understanding of regional economic structures, local institutions and continental realities.

Denya stressed that AfCRA should not simply mirror the methodologies of the “big three” global rating agencies—Fitch, Moody’s and S&P Global—but should instead build a unique identity rooted in African conditions. He said the agency must set a new benchmark for the continent, maintain its independence and remain wholly owned and controlled by Africans.

Afreximbank said AfCRA should complement existing international and regional rating agencies, broadening the range of credible analysis available to investors while strengthening competition, transparency and analytical capacity within Africa’s credit markets. The bank cautioned that success should be measured by the credibility of AfCRA’s analysis, not by whether it awards more favourable ratings than global peers.

The launch comes amid growing criticism that global agencies overstate African risk and drive up borrowing costs. AfCRA is intended to provide an African perspective on creditworthiness, offering more information and context to investors and helping African countries improve their access to capital markets.

For AfCRA to gain traction, it will need to demonstrate methodological rigour, transparency and independence. Former Nigerian Vice-President Yemi Osinbajo, speaking at the launch, said AfCRA may provide a counterweight to established rating agencies but must meet global standards to win investor trust.

Afreximbank’s message is clear: AfCRA’s value lies not in offering softer ratings, but in delivering more accurate, context-specific assessments that reflect African realities. If it can achieve this, the agency could help reshape how African risk is priced in global debt markets.

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