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African Union Launches First Continental Rating Agency
On Wednesday, the African Union (AU) officially launched the first continent-wide rating agency in Port Louis, the capital of Mauritius. The African Credit Rating Agency (AfCRA), based in the Indian Ocean island state, is intended to assess the creditworthiness of states, cities, financial institutions and companies, and thereby, not least, complement the work of the three major rating agencies Fitch, Moody’s and S&P. The AU described its founding as a milestone that is meant to strengthen the continent’s financial self-reliance. According to the AU, the agency is to operate independently and, as a privately run company, finance itself through shareholder capital and ongoing revenue. The AU and the African Peer Review Mechanism (APRM), which played a key role in setting up the agency, have not yet disclosed who the shareholders are. The interim management is to be led by the South African rating expert and managing director of the regional rating agency Sovereign Africa Ratings, Dr. Sifiso Falala.
The founding of AfCRA, which the AU had already approved in 2017, was driven forward by the APRM with the support of the UN Economic Commission for Africa (ECA). Critics have long taken issue with the methods of the established agencies, which together claim around 95% of the global market. With regard to the rating of African states in particular, criticism has repeatedly been voiced that the US- and UK-based agencies overstate the risks for Africa. Furthermore, the significant informal sector, which can cushion economic crises, is said to be insufficiently taken into account. In the past, the agencies rejected the allegations, pointing to globally uniform methods. Most recently, in January, the African Export-Import Bank (Afreximbank) ended its cooperation with Fitch after the agency downgraded the bank to one notch above junk status.
Furthermore, according to the APRM, only three African states, Botswana, Morocco and Mauritius, have a low risk rating, 13 are considered to have a very high default risk, and as many as 23 are not rated at all by the leading agencies. At the end of 2025, there were fewer than 4,000 ratings on the continent, compared with 823,000 in the EU. Access to financial markets is correspondingly more expensive: in 2024, borrowing 100 US dollars on international markets cost African debtors an average of 9 US dollars, whereas in Asia it cost only around 4.70 US dollars. The UN Development Programme (UNDP) estimates the resulting additional costs at 74.5 billion US dollars annually. At the same time, according to the AU, debt servicing on the continent has recently risen from around 61 billion US dollars in 2010 to 163 billion US dollars in 2024.
AU Commission Chairperson Mahmoud Ali Youssouf stressed in Port Louis that AfCRA must preserve its independence in order to win the trust of the markets. APRM head Marie-Antoinette Rose Quatre called for the agency to be protected from political interference and urged governments to provide reliable economic data. Chinese state media welcomed the founding as a step towards reforming the international financial architecture and criticised the structural disadvantage Africa faces from Western rating agencies. The rating agency Moody’s praised the initiative, stating that it could strengthen African capital markets and improve understanding of credit risks.
Financial experts differ in their assessment of AfCRA’s prospects of success. While some doubt the independence of an agency initiated by the AU, others believe that its primary task is not so much to change the view of foreign investors, but rather to channel African savings, amounting to around 4 trillion US dollars, more strongly into domestic investments. For this, it is first crucial that the agency be recognised under the regulatory standards of African countries. According to Falala, the agency is already in talks with various African governments and companies. The first ratings are expected to be published in the first quarter of 2027.
Special News: Congratulations to Navanethem “Navi” Pillay on the 2026 Nobel Peace Prize!
On Friday, the Norwegian Nobel Committee announced that the 2026 Nobel Peace Prize will be awarded to South African jurist Navi Pillay for her commitment to international law and the prosecution of war crimes and genocide. As a former judge at the International Criminal Tribunal for Rwanda and the International Criminal Court, and as a former UN High Commissioner for Human Rights, she played a key role in promoting the enforcement of human rights and the criminal prosecution of the gravest international crimes. Even during apartheid in South Africa, she defended political activists, including Nelson Mandela. Later, at the Rwanda Tribunal, she helped establish sexualised violence as an act of genocide under international criminal law.
Special news: New North-South Commission on Development Policy unveiled
On Monday, former German Chancellor Olaf Scholz and former Costa Rican President Laura Chinchilla presented the 20 members of the North-South Commission on Development Policy (ENSK), which was established in June this year, in Berlin. In addition to World Bank President Ajay Banga and former USAID Administrator Mark Green, the members of this body, established by the German Government, will include six leading African figures from the worlds of politics, business, academia and civil society. The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala from Nigeria; the Congolese human rights activist and Nobel Peace Prize laureate Denis Mukwege; and the Kenyan banker James Mwangi are all represented, as are the British -Nigerian President of the think tank International Crisis Group, Comfort Ero; the former South African Deputy President, Phumzile Mlambo-Ngcuka; and Senegal’s former Prime Minister, Aminata Touré. The Commission’s aim is to draw up proposals for new models of development cooperation, thereby contributing to the shaping of the global development agenda for the post-2030 period and to the future direction of German development policy. The first meeting of the ENSK is scheduled for 16 and 17 October, on the fringes of the joint annual meeting of the International Monetary Fund (IMF) and the World Bank in Bangkok. An interim report is due to be presented in mid-2027, with the final report scheduled for the end of 2028.
Kenya and Uganda Open Access to Dangote Refinery IPO
On Tuesday, Uganda’s Capital Markets Authority (CMA) approved the sale of shares in Dangote Petroleum Refinery and Petrochemicals FZE to investors in the country. The day before, Kenya had permitted access via Global Depositary Receipts (GDRs); Kenya’s CMA approved several licensed firms for this purpose. Both forms of access relate to the Nigerian IPO of the Dangote refinery near Lagos, which businessman Aliko Dangote launched on 14 September. It offers shares worth around 1.6 billion US dollars, and the subscription period ends next Tuesday.
In Uganda, the CMA has prohibited mass advertising and outreach to the general public for the Dangote shares. Only high-net-worth private investors and professional investors may purchase shares there. Interested parties must use the specially approved SBG Securities Uganda Limited as a licensed intermediary. In contrast, the offer in Kenya, like the one in Nigeria, is explicitly aimed at retail investors. Dangote and his company are marketing the IPO as the “People’s IPO”. The aim is to attract 10 million retail investors at the time of listing, thereby breaking the previous world record of 4.5 million private shareholders set in the IPO of the Saudi company Saudi Aramco. The minimum subscription comprises ten shares with a total value of 5,250 naira (around 3.40 euros). If fully subscribed, the IPO would raise 2.15 trillion naira (approx. 1.45 billion euros), with Aliko Dangote retaining 87% of his company’s shares. The proceeds are intended to broaden the ownership base and be used to gradually expand the capacity of the refinery near Lagos from approximately 700,000 to 1.4 million barrels per day. Egypt, Ethiopia, Ghana, Rwanda and South Africa are also in talks about enabling access to Dangote shares.
Dangote’s plans also include a processing plant in Lamu, Kenya. The Dangote East Africa Refinery is to be operated in cooperation with governments in East Africa. Last Wednesday, Dangote and President William Ruto celebrated the groundbreaking for the project at the port of Lamu. Valued at 16 billion US dollars, it is the largest individual foreign investment in Kenya’s history. The refinery is to be built on a site of more than 7,000 acres, be completed by 2030 and process 700,000 barrels per day. Dangote Industries is also planning a future IPO in Nairobi for this project, with the East African governments together receiving 30% of the shares. The aim is energy self-sufficiency from Ethiopia to Mozambique by replacing imported refined products. In addition, kerosene is to be exported to Europe, and production capacities for petrochemicals, base oils and bitumen are to be built up. President Ruto expects more than 60,000 direct and indirect jobs. Dangote also announced a training facility in Lamu for 1,000 people.
However, the project, which is part of the Lamu Port and Transport Corridor project (LAPSSET), remains controversial. Experts warn of problems with crude oil supply and energy infrastructure, as Kenya does not currently produce crude oil commercially and the crude production of neighbouring countries is contractually committed. Environmentalists fear consequences for Lamu’s Old Town, a World Heritage Site, as well as for sensitive marine life. Finally, there is a legal dispute over the site. 133 residents of Chandavai are suing over their expropriation and forced resettlement. According to the lawsuit, there is neither a resettlement plan nor compensation. Moreover, the constitutional consultation of the communities living there has not taken place, nor has the legally required environmental impact assessment been carried out. The competent court in Malindi declined to halt the groundbreaking, but ordered that the status quo on the project site be maintained until the hearing next Wednesday. Until then, construction on the site may not begin. It is unclear how long the proceedings will last.
In other news
On Saturday, the 19th Salé International Women’s Film Festival (Festival International du Film de Femmes de Salé, FIFFS) in Morocco came to a close. The event focused on the role of women in the film industry, as well as their access to funding, visibility and career opportunities. Held under the patronage of King Mohammed VI, the festival has been dedicated to promoting women in Moroccan and international cinema for more than two decades. This year, for the first time, the films were screened with Arabic subtitles to make them accessible to a wider audience. The main programme featured films from 14 countries across five continents, including Brazil, Burkina Faso, France, Canada and South Korea. The main prize went to the film Hijra by the Saudi director Shahad Ameen. The Special Jury Prize was awarded to Calle Málaga by the Moroccan director Maryam Touzani. The film, which tells the story of a Spanish widow in Tangier, is a multinational co-production involving Belgium, Germany, France, Morocco and Spain. The festival also includes a national competition exclusively for young Moroccan filmmakers. The comedy 2 RWAH (“Two Souls”), directed by Alaa Akarboune, won this category.