Excellencies,
Honourable Ministers,
Distinguished Delegates,
Ladies and Gentlemen,

1. It is my honour to address this 8th Session of the Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration, a key organ of our Union entrusted with advancing the continent’s economic integration, strengthening macroeconomic stability and shaping policies that drive sustainable development across Africa. I would like to thank the AUC for successfully convening this important session.

2. The theme before us, “Bridging Africa’s Health Financing Gap in a Changing Geo-Economic Context”, is both urgent and timely. We meet at a time when fiscal space across our continent is narrowing, debt pressures are intensifying and yet the demands on our health systems have never been greater.

3. The message is clear: Africa cannot afford fragmented responses. To advance our development agenda, we must align fiscal policies with social priorities, and nowhere is this more evident than in health financing.

Excellencies,

4. The APRM was established as the governance entity of our Union, tasked with ensuring that accountability, transparency and peer learning guide Africa’s transformation. In the face of the current challenges, the APRM is stepping up to provide African-owned solutions to systemic financial vulnerabilities that directly affect health and human development.

5. One of the most strategic initiatives mandated to us by this Committee is the operationalisation of the Africa Credit Rating Agency (AfCRA). Let me reiterate that , “AfCRA is not just another institution”, it is a bold continental response to structural inequities in the global financial architecture.

6. For far too long, Africa has been subjected to external assessments of risk that are often biased, pro-cyclical and disconnected from our realities. These ratings not only misprice African sovereign debt but also directly constrain our ability to mobilise affordable capital for health, education, infrastructure and resilience.

7. With AfCRA, Africa is reclaiming its narrative by:

- Providing independent, credible and transparent ratings anchored in African realities, while upholding international best practice;
- Reducing the cost of capital and correcting distortions in how African risk is assessed;
- Offering governments the space to finance long-term development priorities, including health systems, without being unfairly penalised in the markets.

8. Excellencies, a little more than a year ago, I was given the mandate to Operationalize AfCRA by June 2025. It took us a few months more, as I wanted to ensure a rigorous, methodical and transparent process. The APRM has worked tirelessly, under the guidance of our Heads of State and Government, to make AfCRA a reality. Following a competitive process, Mauritius has been selected as the primary jurisdiction for registration. Work is already underway to establish regional subsidiaries that will bring AfCRA closer to our Member States and ensure continental ownership.

Excellencies,

9. This is a defining moment. If Africa is serious about bridging its health financing gap, then we must also be serious about addressing the structural constraints that keep financing expensive and scarce. AfCRA is not an option, it is a necessity and today before us a reality.

10. We therefore call on finance ministers, central bank governors and policymakers here today to actively advocate for AfCRA’s role in financing Africa’s development, not as a parallel to existing agencies, but as Africa’s legitimate voice in a system that has too often spoken about us, without us, and in many instances behind us.

Excellencies, Ladies and Gentlemen,

11. Our continent’s health systems cannot be resilient if our financing systems are fragile. The pathway to universal health coverage, pandemic preparedness and social equity runs through sustainable financing; yet sustainable financing requires financial justice. AfCRA is part of that justice.

12. The APRM remains committed to working with you all, our Member States, the AU Commission, our partners at the AfDB, UNECA, Afreximbank and beyond, to ensure that Africa’s development is financed fairly, equitably and on terms defined by us.

13. Let us advance our bold commitment to close Africa’s health financing gap. This requires that we not only mobilise more resources, but that we also transform the architecture that governs access to those resources.

14. As I conclude, I am pleased to update the Honourable Ministers on the following key milestones towards operationalisation of AfCRA:

i. Following a comprehensive and competitive bidding process, administered through an independent transaction adviser, The Republic of Mauritius has been selected as the primary jurisdiction for the registration of AfCRA.
ii. Through the Financial Services Commission of Mauritius, APRM is currently in the process of registering AfCRA and securing a license to issue credit ratings.
iii. In parallel, we are assessing additional jurisdictions across Africa that will host AfCRA’s regional subsidiaries.
iv. By the end of 2025, AfCRA will have an established head office, a robust shareholding base, and a strong management structure, with preparations underway to issue its first ratings in 2026.
v. Finally, I am delighted to inform you that AfCRA will be fully operational by the second quarter of 2026 when its first ratings are expected to be issued.
15. I would like to reassure this august STC meeting that the process of establishing AfCRA has progressed steadily, with the support of our esteemed partners, financial and legal experts, the private sector, and multilateral financial institutions. All indications suggest that the continental marketplace is ready for AfCRA, and prospective shareholders have not only expressed strong interest but also demonstrated confidence and trust in the work undertaken thus far.

16. I would also like to reiterate that, as mandated by the esteemed AU Assembly, AfCRA will be a fully African-owned and private sector-driven entity. It will operate independently, without influence from sentimental or political considerations. Its mandate is not to offer preferential ratings, but rather to provide fairer and more accurate alternative credit ratings for the continent.

17. Excellencies, the time for African solutions to African challenges is now. AfCRA is Africa’s statement to the world that our position is non-negotiable.
I thank you.