Credit ratings agencies biased against African countries - Akufo-Addo

According to the West African country’s president, credit rating agencies contribute to the woes of African countries with their unfair insensitive credit downgrading reports.

He made the assertion while delivering an address at the UN’s 77th General Assembly on Wednesday, September 21, 2022.

President Akufo-Addo opined that the international rating agencies deliberately create barriers to deny Africa the support granted to other developing countries during crisis moments.

“It has become clear, if ever there was any doubt, that the international financial structure is skewed significantly against developing and emerging economies like Ghana. The avenues that are opened to powerful nations to enable them take measures that would ease pressures on their economies are closed to small nations. To make matters worse, credit rating agencies have been quick to downgrade economies in Africa, making it harder to service our debts. The tag of Africa as investment risk is little more than, in substance, a self-fulfilling prophecy created by the prejudice of the international money market, which denies us access to cheaper borrowing, pushing us deeper into debts.”

Meanwhile recounting how huge Africa’s agric potentials are – possessing 60% of the world’s arable lands – President Akufo-Addo called for global support for Africa’s drive towards Agro Processing.

The theme for the general assembly in New York is “A Watershed Moment: Transformative Solutions to Interlocking Challenges.”