President Akufo-Addo has criticised rating agencies for aggravating the plight of African countries, particularly Ghana, during the peak of the economic crisis.
Describing their actions as “reckless,” President Akufo-Addo argued that their continuous downgrades of Ghana’s credit position cut the country away from the international capital markets, making it difficult for it to access funds.
While lauding the African Import & Export Bank (Afreximbank) for its immense role in supporting countries adversely impacted by COVID-19 and the Russian-Ukraine war, President Akuffo Addo slammed the credit rating agencies for their “procyclical downdrages,” which culminated in a liquidity crisis for the country.
“A country that recently had to deal with one of the most difficult periods in its post-independence history, difficulties that were exacerbated by the reckless behavior of rating agencies that engaged in pro-cyclical downgrades that shut Ghana out of the capital market and turned a liquidity crisis into a solvency crisis.”
He added that Afreximbank provided timely support that helped Ghana navigate the macroeconomic management challenges worsened by Russian-Ukranian war.
President Akufo-Addo stated this on Monday, June 19, when he opened the 30th anniversary and annual meeting of the Afreximbank.
He was also named the African Union (AU) Champion of Financial Institutions.
The five-day gathering, with the theme “Delivering the Vision, Building Prosperity for Africans,” has drawn over 24 current and former presidents and prime ministers of Africa and the Caribbean, as well as heads of international financial and other institutions.
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