4 FEBRUARY 2025 – In accordance with the African Union Assembly of Heads of State and Government Decision [Assembly/AU/Dec.631(XXVII)] and Article 6(g) of the African Peer Review Mechanism (APRM) Statute of 2020, the APRM is mandated to support African countries in credit rating matters. In this regard, the APRM, in collaboration with the United Nations Economic Commission for Africa (UNECA), is pleased to host a Presidential Breakfast on the Establishment of the African Credit Rating Agency (AfCRA) on 14 February 2025 at the AU Commission Multi-Purpose Hall, in Addis Ababa, Ethiopia, from07:30 AM to 09:00 AM.
This high-level event will bring together African Heads of State, policymakers, financial experts, and development partners to discuss the operationalization of a dedicated credit rating agency for the continent. The Breakfast meeting, held on the margins of the 37th AU Ordinary Summit, emphasizes Africa’s commitment to enhancing its financial sovereignty and addressing the longstanding challenges posed by the three major international credit rating agencies. The establishment of AfCRA is aimed at providing fair, transparent, and development-focused credit ratings that accurately reflect the realities and potential of African economies.
Key objectives of the meeting include:
- Reaffirming political will and collective commitment towards the establishment of AfCRA;
- Reviewing the progress and technical groundwork achieved so far;
- Outlining AfCRA’s role in supporting Africa’s financial stability and growth;
- Exploring opportunities for collaboration with development partners and international financial institutions.
As Africa continues its journey towards economic integration and resilience, the establishment of AfCRA represents a significant step in strengthening the continent’s voice in global financial governance.
3rd Extraordinary and 34th Ordinary Sessions of the APRM Forum of Heads of State and Government
Following the Presidential Breakfast, the 3rd Extraordinary and 34th Ordinary Sessions of the APRM Forum of Heads of State and Government will convene on the same day, 14 February 2025, at 10:00 AM. The sessions will address critical governance issues, including the peer review of various Country Review and Targeted Review reports, reports on National Plans of action, and the presentation of the Africa Governance Report (AGR) 2025.
Key highlights of the APRM Forum sessions include a keynote address by H.E. Abdelmadjid Tebboune, President of the People’s Democratic Republic of Algeria and Chairperson of the APRM Forum, as well as the formal accession of new APRM Participating States. The Forum will also feature the peer review of Zambia’s Second-Generation Country Review Report, as well as Targeted Review Reports of Uganda, Togo, Senegal, and Ghana, addressing key challenges such as infrastructure development, agricultural growth, corporate governance, and the role of mineral resources in economic transformation.
Additionally, the sessions will include presentations on Progress Reports on the implementation of the APRM National Programme of Action (NPOA) in Côte d'Ivoire and Kenya, reflecting the countries’ commitments to the Mechanism’s goals. A crucial moment will be the presentation of the APRM Strategic Plan 2025-2028, outlining the future direction of the Mechanism and its strengthened impact across the continent.
The Forum will conclude with the adoption of the Summit Communiqué, formalizing the conclusions and recommendations from the 3rd Extraordinary and 34th Ordinary Sessions of the APR Forum.
These sessions represent a critical platform for African leaders to review and adopt policies that advance good governance, foster economic development, and promote sustainable progress across the continent.
The African Union invites members of the media to cover both the Presidential Breakfast on the Africa Credit Rating Agency (AfCRA) and the 3rd Extraordinary and 34th Ordinary Sessions of the APRM Forum.
For accreditation and additional information, please visit: AU Event Portal.
For inquiries about AfCRA, please contact:
- Dr McBride Nkhalamba at Nkhalamba@aprm-au.org and
- Dr Misheck Mutize at mutize@aprm-au.org
For media inquiries on the APRM Forum, please contact:
- Ms Lydie Bokoko Bokoko@aprm-au.org and
- Mr Thivhulawi Netshivhale Netshivhale@aprm-au.org
