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.

Speaking at a High-Level Presidential Breakfast Dialogue on the Establishment of the Africa Credit Rating Agency in Addis Ababa, Ethiopia, Ruto criticized Western-affiliated rating agencies for their negative portrayal of Africa’s risk factors.

He argued that these assessments have effectively…