Africa will no longer accept the unfairness of global credit rating agencies because they rely on outdated assumptions and systemic bias, President William Ruto has said. The President said the agencies have painted an unfair picture of African economies, leading to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs.
Instead, he rallied support for the establishment of the Africa Credit Rating Agency.
He said the agency, backed by credible data, would accurately reflect Africa's reality and consequently unlock much-needed finance to fund the continent's development programmes. "It is time for Africa to use the right scale, one that reflects its true weight.
The Africa Credit Rating Agency will do just that," he said. "The foundations of global finance are supposed to be anchored on the principles of fairness, transparency, and merit.
