Kenyan President William Ruto has welcomed the launch of the Africa Credit Rating Agency in Mauritius, calling it a step towards stronger African financial independence….reports Africa Daily News Desk
Kenyan President William Ruto has welcomed the launch of the Africa Credit Rating Agency (AfCRA) in Port Louis, Mauritius, describing it as an important step towards strengthening Africa’s financial independence and improving the assessment of the continent’s economic prospects. Kenya has also expressed interest in hosting a secondary jurisdiction for the agency in Nairobi and becoming one of its sovereign clients.
In a congratulatory message issued on behalf of the Kenyan government and people, Ruto commended the African Union (AU) for launching the agency, which aims to provide an African-led approach to assessing the continent’s creditworthiness and economic potential.
Ruto, who serves as the African Union Champion for Institutional Reform, said the initiative reflected a shared commitment to strengthening continental institutions and advancing the AU’s Agenda 2063 development framework.
He also praised the African Peer Review Mechanism and its partners for their role in bringing the initiative to fruition.
The Kenyan president has consistently advocated reforms to the global financial architecture, including fairer and more credible assessments of African economic risks. He said AfCRA’s launch represented an effort to ensure that assessments of African economies better reflected their underlying economic conditions and development prospects.
According to Ruto, the agency could help African countries strengthen financial sovereignty, mobilise capital for development and improve their position in international financial markets.
He called on African leaders to provide political support for the institution while protecting its independence, professionalism and methodological integrity.
Kenya, he said, was ready to begin discussions on establishing Nairobi as a secondary jurisdiction for AfCRA and on the country becoming a sovereign client of the agency.
Ruto said Kenya’s participation would demonstrate the political commitment and regional cooperation needed to build effective continental institutions.
The launch comes amid changes in global financial markets driven by geopolitical competition, volatile capital flows, the energy transition and advances in artificial intelligence. Ruto argued that Africa needed trusted institutions capable of assessing these developments in the context of the continent’s economic conditions and development priorities.
He described AfCRA as more than a new institution, saying it could help strengthen investor confidence, expand Africa’s policy options and improve the continent’s influence in the evolving global financial system.
The agency’s launch is part of wider efforts to strengthen African participation in international financial decision-making and encourage assessments of the continent that take account of its economic diversity and growth potential.
Ruto said the success of AfCRA would depend on collective political ownership and a commitment by African governments to support its work while preserving its technical credibility and independence.
