Former Ghanaian President Nana Akufo-Addo has once again voiced his strong support for the establishment of an African-led credit rating agency. Speaking at the 32nd Annual Meetings of the African Export and Import Bank (Afreximbank) in Abuja, Nigeria, he argued that the current global credit rating systems unfairly penalize African nations, thereby hindering their development and access to crucial financing.
Akufo-Addo highlighted the vital role Afreximbank played during the COVID-19 pandemic when international markets became inaccessible for many African countries. He specifically mentioned that Afreximbank provided Ghana with $750 million in 2022 when the nation was struggling to secure funding. He expressed deep gratitude to Professor Oramah and the Afreximbank team for their support during a critical time, emphasizing that Ghanaians would always be thankful for their assistance.
Beyond expressing gratitude, Akufo-Addo questioned the fairness of global financial structures, particularly the way credit rating agencies evaluate African economies. He contended that African countries often receive lower ratings compared to countries in similar economic situations simply because of their geographical location. This disparity, he argued, underscores the urgent need for an African-led credit rating agency that can provide more equitable and accurate assessments of African economies, ultimately fostering sustainable development and growth.
