Port Louis, Mauritius – 4 April 2025 – The African Peer Review Mechanism (APRM) team led by Dr. McBride Nkhalamba, Ag. Director of Governance and Specialized Reporting convened an important technical meeting aimed at examining the legal, structural and governance frameworks of the Africa Credit Rating Agency (AfCRA).
In February 2025, APRM appointed Financial Advisors from the Mauricius Commercial Bank (MCB) to serve as Transaction Advisor and assist in the establishment of AfCRA. The Transaction Advisor will provide strategic, financial, legal and technical guidance throughout the process, ensuring the successful and sustainable launch of the rating agency.
Currently, over 70% of credit ratings on the continent are issued by non-African entities, often failing to capture the nuanced realities of African economies. AfCRA aims to address this imbalance by offering independent, Africa-focused credit assessments that support improved investment flows, reduced borrowing costs, and stronger economic resilience.
During the meeting, MCB Financial Advisors presented a comprehensive strategic roadmap detailing the foundational steps for AfCRA’s operationalization. The discussions focused on critical pillars, including capital structure design, investor mobilization, governance frameworks, and launch readiness.
As a key outcome of the session, participants discussed and agreed the strategic and operational plans for AfCRA, including a comprehensive review of the proposed capital structure, business model scalability, and the implementation roadmap. The meeting also reviewed the draft Investor Pitch Book and the overall investor engagement strategy, including outreach plans to leading development finance institutions. Additionally, the proposed governance and legal frameworks were discussed, including board composition, executive leadership appointments, and legal documentation to be developed in collaboration with the APRM legal team. Concrete steps were also outlined for regulatory registration, licensing, and preparations for the agency’s inaugural public launch.
This meeting marks a significant milestone in the operationalization of AfCRA, which is set to become a cornerstone of Africa’s financial architecture. The agency’s operationalization is expected to unlock new avenues of capital inflows and contribute to the development of Africa’s domestic capital markets, with significant implications for the cost of capital and debt sustainability.
