By UNECA Staff Reporter and Saul Molobi
Africa has officially launched its own credit rating agency, marking an important milestone in efforts to improve how African economies are assessed, address longstanding concerns over high borrowing costs and attract more investment for development.
The Africa Credit Rating Agency (ACRA) launched in Mauritius on 7 October 2026, is an independent, private sector-driven institution established to bring additional data, knowledge and perspectives into the assessment of African economies. It will complement, rather than replace, existing international credit rating agencies.
The launch follows years of work by the African Union and the African Peer Review Mechanism (APRM), supported by the Economic Commission for Africa (ECA), African financial institutions and other partners.
African Union Commission Chairperson ,Mahmoud Ali Youssouf, described the launch as an important milestone in Africa’s economic development, while emphasizing that the agency must maintain its independence to earn the confidence of investors and financial markets.
He also cautioned that AfCRA alone would not significantly reduce Africa’s cost of capital, underscoring the need for broader reforms to address the continent’s financing challenges.
For African countries, the stakes are considerable. Credit ratings influence borrowing costs, investor confidence and access to capital markets. Where perceptions of risk do not adequately reflect economic realities, governments can face higher financing costs, leaving fewer resources available for infrastructure, health, education and other development priorities.
ECA’s Deputy Executive Secretary, Hanan Morsy, said persistent risk premiums were estimated to cost Africa approximately $75 billion annually in excess interest payments.
She said AfCRA offered an opportunity to address this imbalance by bringing a deeper understanding of African economies, data and reform trajectories into the ratings landscape, thereby broadening the information available to investors.
However, Ms. Morsy emphasized that better ratings alone would not resolve Africa’s financing challenges. Countries must also strengthen their economic fundamentals through sound macroeconomic management, domestic resource mobilization, responsible fiscal policies and reliable economic data.
ECA, working with the African Union, the African Development Bank and other partners, continues to support member States in strengthening these fundamentals and improving their creditworthiness.
In a statement delivered on his behalf by Uganda’s State Minister of Finance, Planning and Economic Development, Amos Lugoloobi, President Yoweri Museveni emphasized the importance of linking Africa’s trade integration efforts with deeper financial integration.
President Museveni, who chairs the African Peer Review Forum of Heads of State and Government, said stronger capital markets, credible financial institutions and reliable credit information were essential to supporting regional investment and economic transformation, including through the African Continental Free Trade Area (AfCFTA).
Mauritius Minister of Financial Services and Economic Planning Jyoti Jeetun stressed that the objective was not to secure more favourable ratings for African countries, but to ensure their economies were assessed more accurately.
“AfCRA is not about asking the world to rate Africa more favourably. It is about helping the world understand Africa more accurately,” Ms. Jeetun said.
APRM Chief Executive Officer Ambassador, Marie-Antoinette Rose-Quatre, reflecting on the decade-long effort to establish the agency, stressed the importance of protecting it from political interference and ensuring rigorous, unbiased assessments.
“Independence must not be a slogan used at launch; it must be the discipline by which this institution lives,” Ambassador Rose-Quatre said.
UN Special Adviser on Africa, Ahunna Eziakonwa, emphasized that establishing AfCRA was only the beginning. African financial institutions, pension funds, development banks and central banks must now demonstrate confidence in the agency by using its ratings.
“We cannot ask global capital to trust what African capital treats as optional,” Ms. Eziakonwa said.
She also highlighted the importance of reliable data, regulatory recognition, institutional independence and a credible track record built over time.
Beyond sovereign ratings, AfCRA is expected to provide assessments of subnational entities and African companies, helping improve access to credit information, deepen domestic capital markets and create more opportunities for investment within the continent.
The agency’s establishment forms part of wider African efforts to reform the international financial architecture, mobilize domestic and international capital and improve access to affordable financing for sustainable development.
Mauritius, which will host AfCRA’s headquarters, was selected as the agency’s primary jurisdiction. The agency’s management team is led by Chief Executive Officer Dr Sifiso Falala who will oversee its operations.
The next task will be translating the ambition behind AfCRA into a credible, independent institution whose assessments command the confidence of African and international financial markets
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WHO IS THE MAN ON THE DRIVING SEAT OF ACRA: DR SIFISO FALALA?
Dr Sifiso Falala
Market Research Expert | Innovation Strategist | African Development Advocate
Dr Sifiso Falala is a South African market research expert, entrepreneur, innovation strategist and advocate for African development whose work spans market intelligence, economic transformation, technological innovation and the advancement of Africa’s global narrative. Through his entrepreneurial ventures and thought leadership, he seeks to translate research, knowledge and strategic insight into practical solutions that advance economic growth and development across the continent and the wider developing world.
Dr Falala is the Founder and Chief Executive Officer of Plus 94 Research, established in 1998 and recognised as one of South Africa’s leading independent market research companies. Through this enterprise, he has contributed to the development of research capabilities that help organisations understand markets, interpret consumer behaviour and make informed strategic decisions.
He is also the founder of Sovereign Africa Ratings, an enterprise providing sovereign and sub-sovereign rating services, reflecting his interest in the assessment of economic performance and the factors influencing development. In addition, he serves as President of the Pan African Media Research Organisation, contributing to the advancement of media research and the understanding of Africa’s evolving information and communications landscape.
His professional leadership includes serving as Chairperson of the Southern African Market Research Association. He is also a member of the European Society for Opinion and Marketing Research, connecting his professional interests to the wider international research community.
In 2020, Dr Falala established Priority Performance Projects, an initiative dedicated to advancing development and economic growth in developing countries. The organisation focuses on identifying and implementing priority projects through stakeholder engagement, process design, financing and performance monitoring. Its approach emphasises the importance of translating development ambitions into practical interventions, optimising available resources and strengthening the execution of projects intended to deliver meaningful economic and social outcomes.
Beyond his research and development initiatives, Dr Falala founded the African Genius Awards, an initiative celebrating African excellence and promoting a more compelling global narrative about the continent. The initiative reflects his conviction that Africa’s achievements, intellectual capital, innovation and human potential deserve greater recognition, both within the continent and internationally.
His academic qualifications include a PhD in Management of Technology and Innovation from the Da Vinci Institute, a Master of Science in Population Studies and a Bachelor of Business Studies with Honours. This multidisciplinary academic foundation informs his engagement with the intersections of research, technology, population dynamics, organisational performance and economic development.
Dr Falala’s work is underpinned by an interest in understanding the factors that shape African societies and economies, identifying barriers to progress and exploring practical pathways towards improved performance. His professional pursuits bring together market research, technological innovation, strategic project implementation and the promotion of African intellectual and entrepreneurial achievement.
As an author and commentator on Africa’s development trajectory, Dr Falala encourages critical reflection on the continent’s challenges, opportunities and responsibilities. His work calls for greater accountability, institutional effectiveness, productive use of resources and a stronger commitment to converting Africa’s considerable human and material endowments into sustainable prosperity.
Through his research enterprises, development initiatives and advocacy for African excellence, Dr Sifiso Falala continues to contribute to conversations about how the continent can strengthen its productive capacity, improve its global competitiveness and shape its future through informed decision-making, innovation and purposeful action.