Kenya: Ruto Backs African Credit Rating Agency to Counter Biased Global Ratings

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Kenya: Ruto Backs African Credit Rating Agency to Counter Biased Global Ratings

President William Ruto has thrown his weight behind the establishment of the African Credit Rating Agency (AFCRA) to challenge global rating agencies accused of inflating borrowing costs for African nations.

Bloomberg

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African Union Creates Rating Agency to Tackle Bias, Unlock Funds

Africa unveiled its own credit rating company to address concerns that evaluations by global agencies carry a costly bias against the continent.

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The African Union (AU) plans to launch an African credit rating agency by the end of 2025 to respond to criticisms about the assessments of major international agencies such as S&P, Moodys and Fitch. Many African leaders believe that these agencies apply a negative bias in their assessments, which limits the access of the continent's countries to the financial resources necessary for their development. This new agency will be independent, led by…

The Heritage Times

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African Union Unveils Credit Rating Agency To Tackle Bias By Global Firms

The African Union (AU) has officially launched the African Credit Rating Agency (AfCRA), a move aimed at addressing concerns over unfair treatment by dominant global rating firms. Kenyan President William Ruto introduced the agency at an AU gathering in Addis Ababa, Ethiopia, on Friday. “Global credit rating agencies have not only dealt us a bad hand, they have also deliberately failed Africa,” Ruto stated during the launch. “They rely on flawed…

Business Post Nigeria

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African Union Launches Credit Rating Agency to Rival Fitch, Others

By Adedapo Adesanya The African Union has announced the launch of its rating agency, the African Credit Rating Agency (AfCRA) to provide accurate ratings for countries on the continent. According to Kenya’s President, Mr William Ruto, while unveiling the new agency at an AU event held in Addis Ababa, Ethiopia on Friday, AfCRA will address […]

Mwanzo TV

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Ruto Strongly Criticizes Global Credit Agencies For Unfair Assessments

Speaking during a High-Level Presidential Breakfast Dialogue in Addis Ababa, on Friday, February 14, Ruto argued that these agencies rely on outdated assumptions and systemic bias, leading to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs for African countries.