Ruto rallies for formation of Africa credit rating agency

President William Ruto addressing the 38th Summit of African Union in Addis Ababa, Ethiopia. [PCS]

Africa will no longer accept the unfairness of global credit rating agencies because they rely on outdated assumptions and systemic bias, President William Ruto has said.

The President said the agencies have painted an unfair picture of African economies, leading to distorted ratings, exaggerated risks, and unjustifiably high borrowing costs.