Akufo-Addo Renews Push for African-Led Credit Rating Agency

Former President Nana Addo Dankwa Akufo-Addo has renewed his call for the establishment of a credit rating agency led by Africans, arguing that current international rating systems are skewed against the continent and restrict Africa's access to affordable development financing.

Speaking on the sidelines of the 32nd Annual Meetings of the African Export and Import Bank (Afreximbank) in Abuja, Nigeria, the former Ghanaian leader criticized what he described as biased and outdated frameworks used by major global rating agencies.

“The current system unfairly penalizes African nations,” Akufo-Addo stated, adding that these ratings often fail to reflect the true economic potential and reform efforts of African countries.

He emphasized that an African-owned and managed credit rating system would provide a more accurate, fair, and contextual assessment of risk and creditworthiness on the continent—ultimately improving access to capital and lowering borrowing costs.

Akufo-Addo also used the platform to commend Afreximbank for its leadership and resilience during the COVID-19 pandemic, when global financial markets largely turned their backs on Africa. He hailed the bank as a pillar of regional economic stability, noting its critical support for trade, healthcare, and economic recovery efforts across the continent.

The idea of a continental credit rating agency has gained traction in recent years, with growing support from African leaders and institutions who believe such a body would challenge long-standing biases and build investor confidence in the region.

As global economic dynamics shift, Akufo-Addo’s renewed advocacy is expected to reignite broader discussions on how Africa can take control of its financial narrative and reshape the structures that influence its economic destiny.