"An African credit rating agency is not just an alternative; it is an imperative. This agency must be globally credible and backed by rigorous, credible data and driven by high reporting standards from our own governments. But more importantly, it must reflect Africa’s reality correctly," Ruto stated, addressing the session on the establishment of the ACRA on the sidelines of the 38th AU Summit in Addis Ababa.
"Global credit rating agencies have not only dealt us a bad hand; they have also deliberately failed Africa," the Kenyan president emphasized.
"We must be bold and call this for what it is: a financial straitjacket imposed on Africa. A system that punishes our economies while rewarding others, even when the fundamentals are comparable, if not better. The foundations of global finance are supposed to be anchored on the principles of fairness, transparency, and merit. Yet, these principles are disregarded when it comes to Africa," he pointed out.