Credit Rating Agencies pushing Africa deeper into debts – Akufo Addo

President Akufo Addo has slammed framers and players of the international financial market accusing its operators of bias against African Countries.

Delivering his address at the UN’s 77th General Assembly, the president argued that barriers are deliberately created to deny Africa the support granted other developing countries during crisis moments.

He lumped together credit rating agencies for worsening the woes of African countries with insensitive credit downgrading reports.

“It has become clear, if ever there was any doubt, that the international financial structure is skewed significantly against developing and emerging economies like Ghana. The avenues that are opened to powerful nations to enable them take measures that would ease pressures on their economies are closed to small nations. To make matters worse, credit rating agencies have been quick to downgrade economies in Africa, making it harder to service our debts. The tag of Africa as an investment risk is little more than, in substance, a self-fulfilling prophecy created by the prejudice of the international money market, which denies us access to cheaper borrowing, pushing us deeper into debts.”

Meanwhile recounting how huge Africa’s agric potentials are – possessing 60% of the world’s arable lands – President Akufo Addo called for global support for Africa’s drive towards Agro Processing.

The theme for the general assembly in New York is “A Watershed Moment: Transformative Solutions to Interlocking Challenges.”