Idris Elba speaks at an event about his vision to create the African Odeon, promoting African arts and cinema development.
Africa is taking charge of its financial narrative with the launch of the African Credit Rating Agency (AfCRA), set to begin operations by September 2025. Designed as a homegrown alternative to Fitch, Moody’s, and S&P, AfCRA will issue its first sovereign ratings by early 2026. The agency aims to offer fairer assessments that more accurately reflect Africa’s economic realities, especially in light of criticism over biased downgrades from global agencies. Unlike state-owned institutions, AfCRA will be backed by private African investors to ensure independence and credibility. With a focus on local-currency debt ratings, AfCRA hopes to bolster domestic capital markets and curb Africa’s overreliance on costly foreign borrowing.
Nairametrics