PRESIDENT HICHILEMA ATTENDS 38TH AFRICAN UNION SUMMIT IN ADDIS ABABA

Friday 14th February 2025
Addis Ababa, Ethiopia

Republican President Hakainde Hichilema arrived in Addis Ababa, Ethiopia, yesterday to participate in the 38th African Union (AU) Summit. During his visit, he is scheduled to engage in bilateral discussions with fellow Heads of State and Government, as well as meet with business leaders and key industry players.

A steadfast advocate for a more balanced AU, President Hichilema has consistently emphasized the need for the organization to not only focus on political affairs but also prioritize economic growth, job creation, and food security for millions of Africans.

As part of his engagements, the President will participate in a Presidential Breakfast on the Africa Credit Rating Agency (AfCRA). This high-level meeting will discuss the operationalization of AfCRA, a dedicated credit rating agency for Africa designed to offer fair, transparent, and development-focused credit ratings.

President Hichilema has long maintained that African economies are undervalued, leading to higher borrowing costs from international financial institutions. The establishment of AfCRA represents a significant step towards enhancing Africa’s financial sovereignty and addressing the challenges posed by the dominance of the three major global credit rating agencies.

By establishing its own credit rating agency, Africa can better position itself to secure affordable capital and strengthen its financial autonomy.

While in Addis Ababa, President Hichilema is also expected to hold a joint press conference alongside SADC Chairman, His Excellency President Emmerson Mnangagwa of Zimbabwe, and COMESA Chairman, His Excellency President Évariste Ndayishimiye of Burundi. The leaders will collectively express their support for Mr. Samuel Maimbo’s candidacy for the Presidency of the African Development Bank (AfDB).

Clayson Hamasaka 
Communications Specialist – State House