Editor's Review
President William Ruto has announced that Kenya will commence discussions on having Nairobi serve as a secondary jurisdiction for the Africa Credit Rating Agency (AfCRA) following its official launch.
President William Ruto has announced that Kenya will commence discussions on having Nairobi serve as a secondary jurisdiction for the Africa Credit Rating Agency (AfCRA), following its official launch in Port Louis, Mauritius.
In a statement on Monday, October 12, Ruto said the establishment of AfCRA represented an important step towards strengthening African institutions and advancing the African Union's development agenda.
"As the African Union Champion for Institutional Reform, I regard this achievement as a powerful expression of our shared determination to build an AU that is strong, effective and fit for purpose, and to advance Agenda 2063 through institutions that translate continental ambition into tangible results," he wrote.
Ruto recognised the role played by the African Peer Review Mechanism and its partners in establishing the agency, describing their contribution as instrumental in advancing institutional reforms across the continent.
"I also commend the African Peer Review Mechanism and its partners for their leadership in bringing this important reform initiative to fruition," he added.
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Ruto said he had consistently advocated for changes to the global financial architecture, including fairer assessments of African economies and the establishment of a credit rating agency led by Africans.
"I have consistently championed the reform of the global financial architecture, fair and credible assessment of African risk, and the establishment of AfCRA as an African-led institution capable of reflecting the continent’s true economic realities and potential," he further said.
Ruto said the launch reflected Africa's ambition to take greater control of its economic narrative, strengthen financial sovereignty and attract development capital under fairer conditions.
He urged African leaders to support the agency while ensuring it maintained its independence, professionalism and methodological integrity.
"Its launch affirms a wider continental aspiration: Africa must shape its own narrative, strengthen its financial sovereignty and mobilise capital for development on fairer terms.
"This achievement now calls for collective political ownership. African leaders must place their full weight behind AfCRA’s success while safeguarding its independence, professionalism and methodological integrity," he noted.
Ruto said Kenya was ready to support the agency through discussions on Nairobi becoming a secondary jurisdiction and the country becoming one of its sovereign clients.
"In this spirit, Kenya is pleased to welcome AfCRA and to commence discussions on Nairobi serving as a secondary jurisdiction for the agency, as well as on Kenya becoming a sovereign client of this important continental institution," he stated.
Ruto added that Kenya's proposed engagement with the agency was intended to demonstrate practical leadership and solidarity in building sustainable continental institutions.
"Through this commitment, Kenya seeks to demonstrate the practical leadership, confidence and solidarity required to transform Africa’s collective aspirations into durable institutions," he said.
Ruto further noted that global financial markets were undergoing significant changes driven by geopolitical competition, volatile capital flows, the energy transition and artificial intelligence.
He said Africa needed credible institutions capable of interpreting these developments in the context of the continent's economic conditions and development priorities.
"At a moment when global markets are being reshaped by geopolitical competition, volatile capital flows, the energy transition and artificial intelligence, Africa must have trusted institutions capable of interpreting these shifts through the prism of its own realities and development priorities.
"AfCRA is thus more than a new institution; it is a strategic instrument for strengthening investor confidence, widening Africa’s policy space and ensuring that the continent participates in the emerging global financial order with greater agency, unity and influence," he concluded.
Meanwhile, Ruto has dismissed social media critics ahead of the 2027 general election.
Speaking on Monday, October 12, in Nandi County, the Head of State said the Kenyan voters will decide the outcome of the election and not social media critics.
"Kenyans, are you ready? Aren’t you the ones who will mark the exam? Aren’t you the ones who will decide? Some people have flooded social media claiming that they are the ones who will decide. Are they the ones who will decide, or is it you?" he posed.
Ruto also said he is prepared to face Kenyans and demonstrate what his administration has achieved as he seeks another term in office.
"I am ready to stand before Kenyans and show them the work I have done so that they can give me another chance. As for the others, find another agenda. Making a lot of noise and calling me a thug will not help you," he said.
Ruto mentioned that his government has delivered on its commitments in health, education, and infrastructure.
"We have delivered on our promises in education, health, and infrastructure. That is why I can confidently face the people of Kenya and tell them that I have delivered on the commitments I made to them," he added.
