President William Ruto has slammed global trading rating agencies, stressing that they have played a key role in crippling Africa's economic growth.
Speaking during a High-Level Presidential Breakfast Dialogue in Addis Ababa, on Friday, February 14, Ruto claimed that the agencies have been deliberately "misjudging" the continent's situation, by producing inaccurate ratings that have in turn led to exaggerated risks such as high borrowing rates and lack of investors.
The president, who termed the agencies "biased", said that they relied on fraudulent models and outdated, distorted assumptions that had overshadowed the continent's true economic potential. "The whole system is very biased.
The result is that they paint a very unfair picture of our economies, and this has devastating effects because it leads to distorted ratings of the situation and exaggerated risks for our country and our continent," he said.
