Former President Nana Akufo-Addo has reiterated the need for Africa to establish its own credit rating agency.
He argued that the current global systems unfairly penalise African nations and undermine their prospects for development financing.
The former Ghanaian leader made the call while speaking on the sidelines of the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria.
He first commended the bank for stepping up when international markets turned their backs on the continent during the COVID-19 pandemic.
“At a time when Ghana couldn’t access the international market and funding was virtually impossible, Afreximbank came through with $750 million in 2022,” Nana Akufo-Addo recalled.
“When everyone else turned away, Professor Oramah and his team stood with us. That’s why Ghanaians—and I, as former President—will always be grateful to them.”
He went on to stress the need for Africa to consider this proposal, asserting that global rating agencies have not treated African countries and their economies fairly.
“It is simply not fair. Countries in similar economic positions elsewhere receive better ratings than African countries, just because they’re not African,” he said.
“We are constantly forced to pay higher risk premiums based on skewed assessments.”
He also underscored the importance of building the continent’s own financial institutions.
“We cannot develop our continent when the levers of financing are not in our hands,” he said.
He concluded by emphasising the need for African countries to build and support institutions like Afreximbank and the African Development Bank.
By: Rainbowradioonline.com/Ghana
