Africa’s new rating agency is aimed at $3.5tn of capital without ratings

What the report says

Uganda Business News reported that Africa’s new credit ratings body, the Africa Credit Rating Agency (AfCRA), is being positioned less as a direct competitor to Fitch, Moody’s and S&P Global than as part of a broader effort to strengthen African capital markets. The article, published on 6 October 2026, says AfCRA’s headquarters will be in Port Louis, Mauritius, and frames the agency as a tool for improving credit information across the continent.

According to the piece, Africa has a large domestic pool of capital held by pension funds, insurers, banks, sovereign wealth funds and other investors, but much of it remains in short-term instruments such as treasury bills and deposits. The article argues that better ratings and deeper credit intelligence could help move some of that money into longer-term financing for infrastructure, energy, manufacturing and other productive sectors.

The report says less than 5% of Africa’s estimated $4 trillion capital base is covered by formal ratings, with less than $500 billion of instruments and issuers rated. It also notes that Africa has far fewer ratings than the European Union and the United States, underscoring the limited scale of the continent’s ratings industry. The article presents AfCRA’s goal as expanding access to credible local risk analysis and reducing the information gap that can keep capital concentrated in low-risk, short-term assets.

The piece adds that success will depend on cooperation among investors, policymakers, financial institutions and other rating agencies. It also notes that global firms have already been increasing their African footprint through acquisitions of local agencies, suggesting growing recognition of the value of regional expertise.