African rating agency long overdue – Amin Adam

Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has thrown his weight behind creating an African sovereign credit rating agency to provide balanced, accurate credit assessments and improve access to competitive capital.

He criticised international rating agencies for unfair evaluations of developing countries, suggesting an African agency could offer a credible alternative. This initiative aims to build trust and reflect true economic conditions.

A UN report indicated 13 negative rating actions on 11 African countries in early 2023, reversing investor optimism.

President Akufo-Addo and Kenya’s President Ruto have also advocated for an African Credit Agency to counter the impact of international rating perceptions on African economies.