African leaders and financial experts gathered at the 38th African Union Summit to discuss the formation of the Africa Credit Rating Agency (AfCRA), a key initiative aimed at reducing the continent’s reliance on external credit ratings.
Dr. George Elombi, Executive Vice President at Afreximbank, participated in a high-level panel with Amb. Albert Muchanga (African Union), Amb. Claver Gatete (ECA), Admassu Tadesse (TDB Group), Prof. Kevin Urama (AfDB), and Rony Lam (MCB Capital Markets). The discussion focused on how AfCRA could help strengthen Africa’s financial independence and provide more accurate, development-focused credit ratings.
Dr. Elombi argued that for AfCRA to succeed and maintain credibility, African Multilateral Financial Institutions (MFIs) must take the lead in establishing the agency, providing the capital, expertise, and governance needed for its growth. The goal is to give Africa control over its own financial ratings system, ensuring that its economic strength is reflected accurately.
