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Former President Nana Akufo-Addo has renewed calls for the creation of an African-led credit rating agency, arguing that global credit systems unfairly disadvantage the continent.
Speaking at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, Akufo-Addo praised the institution’s support during the COVID-19 pandemic, citing its $750 million loan to Ghana in 2022.
“At a time when Ghana couldn’t access the international market… Professor Oramah and his team stood with us,” he said.
“That’s why Ghanaians, and I as former President, will always be grateful to them.”
He criticised the way global rating agencies assess African economies, describing it as biased and detrimental to development.
“It is simply not fair. Countries in similar economic positions elsewhere receive better ratings than African countries, just because they’re not African,” Akufo-Addo said.
“We are constantly forced to pay higher risk premiums based on skewed assessments.”
His remarks follow Fitch’s downgrade of Afreximbank’s credit rating, in part due to debt restructuring plans in Ghana and Zambia.
Ghana argues the bank should be treated as a commercial lender, not a multilateral institution, under IMF rules.
Akufo-Addo urged African countries to take control of their financial future by investing more in continental institutions like Afreximbank and the African Development Bank.
He repeated his earlier call for countries to deposit 30% of their sovereign reserves with African institutions.
“These funds are sitting idle in foreign accounts earning next to nothing, while our countries struggle to finance infrastructure and development,” he said.
Afreximbank has disbursed over $2 billion in support to Ghana, including trade financing, energy sector interventions, and cocoa syndications.
“If America says ‘America First,’ Africa must also say ‘Africa First,’” Akufo-Addo concluded. “Let’s believe in ourselves and invest in our own future.”
