During the 38th Ordinary Summit of the African Union in Addis Ababa, leaders convened to discuss the establishment of the Africa Credit Rating Agency (AfCRA). This initiative aims to provide independent, credible, and African-owned credit ratings for sovereigns, sub-sovereigns, and corporates, addressing concerns over perceived biases and inaccuracies associated with international credit rating agencies.

The establishment of AfCRA is seen as a pivotal step in enhancing the continent’s financial sovereignty and providing fair, transparent, and development-focused credit ratings that reflect the realities and potential of African economies.

In a related development, Ethiopia launched the Ethiopian Securities Exchange (ESX) on January 10, 2025. Prime Minister Abiy Ahmed officiated the launch, marking a historic milestone in the nation’s economic and financial landscape. The ESX is poised to revolutionize Ethiopia’s financial sector by creating a transparent, efficient, and accessible marketplace for securities trading.

The launch of the ESX provides a fitting backdrop to discussions on the establishment of AfCRA, as both initiatives aim to strengthen Africa’s financial infrastructure and promote economic development across the continent.