President Bola Ahmed Tinubu has commended the African Union for its move to launch the African Credit Rating Agency (AfCRA), scheduled for October 7.
Tinubu, in a statement he personally signed, said the development met his expectation of a compelling “need for Africa to build financial institutions that understand our economies and can assess our risks properly.”
Tinubu, who maintained that only ratings grounded in the fundamentals of the economies of African nations can assess them fairly, expressed the hope that AfCRA, which is expected to be launched next month, would strive to earn the confidence of global capital.
His statement read:
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“I welcome the African Union’s announcement that the African Credit Rating Agency (AfCRA) will officially launch on October 7. @_AfricanUnion
“In February, I made the case in the Financial Times for an African credit rating agency. In May, at the Africa CEO Forum @africaceoforum in Kigali, I spoke again about the need for Africa to build financial institutions that understand our economies and can assess our risks properly.
“AfCRA is another step towards that goal.
“Africa is not asking for favourable ratings. We are asking for fair ratings, grounded in our fundamentals and in the reforms our economies are actually carrying out.
“AfCRA must now earn the confidence of global capital. That confidence will rest on its independence and the rigour of its work.
“I look forward to October 7.”