AfCRA Announces First Ratings by March 2027

The recently launched Africa Credit Rating Agency (AfCRA) announced that it targets to release its first official ratings by the end of March 2027. For this first batch of ratings, the AfCRA is talking to 15 African countries, including Burundi, Kenya, Seychelles, and Togo. In addition to sovereigns, AfCRA is also working on ratings for corporates such as Afreximbank.

African leaders have long suspected that ratings from S&P, Moody’s and Fitch tend to put undue weight on the negative aspects of their economy and to respond a little too fast to any headwinds. Of course, the rating agencies involved deny any bias and claim that their methodology is the same for one and all.

Nevertheless, 23 African countries do not have a sovereign rating altogether. Today, Africa’s debt burden is estimated at USD 1.9 trillion, of which nearly USD 746 billion is foreign debt. In 2026, African nations have had to pay a staggering USD 200 billion to service their debt. Credit ratings can influence interest rates and is becoming an increasingly important tool for Africa to access capital.

To ensure its independence, #AfCRA is registered as a private company. AfCRA is owned by Plus94 Research, a South African company, co-founded by Sifiso Falala and Tirhani Mabunda. Sifiso acts as the interim CEO of AfCRA, which is registered and based in Mauritius. The company plans to raise USD 15 million through a share sale that would give African investors a two-thirds stake.