{"id":17126,"date":"2025-02-14T08:46:28","date_gmt":"2025-02-14T08:46:28","guid":{"rendered":"https:\/\/www.getufm.co.ke\/?p=17126"},"modified":"2025-02-14T08:46:30","modified_gmt":"2025-02-14T08:46:30","slug":"pres-ruto-blasts-global-credit-rating-agencies-ahead-of-auc-vote","status":"publish","type":"post","link":"https:\/\/www.getufm.co.ke\/?p=17126","title":{"rendered":"Pres. Ruto Blasts Global Credit Rating Agencies Ahead of AUC Vote"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"251\" height=\"201\" src=\"https:\/\/www.getufm.co.ke\/wp-content\/uploads\/2025\/02\/Untitled-3-1.jpg\" alt=\"\" class=\"wp-image-17127\"\/><\/figure>\n\n\n\n<p>President William Ruto has strongly condemned global credit rating agencies, accusing them of stifling Africa\u2019s economic growth through biased and misleading assessments.<\/p>\n\n\n\n<p>Speaking at a High-Level Presidential Breakfast Dialogue in Addis Ababa on Friday, February 14, Ruto claimed that these agencies deliberately misrepresent Africa\u2019s economic situation, resulting in exaggerated risks, high borrowing costs, and diminished investor confidence.<\/p>\n\n\n\n<p>&#8220;The whole system is very biased. They paint an unfair picture of our economies, leading to distorted ratings and exaggerated risks for our continent,&#8221; he said.<\/p>\n\n\n\n<p>Ruto noted that these flawed ratings have cost Africa an estimated Ksh10 trillion in lost investment opportunities. He cited findings from the Africa PRG Mechanism and the UN Development Programme, which estimate that biased credit assessments have led to $75 billion in missed investments.<\/p>\n\n\n\n<p>Despite Africa\u2019s abundant natural resources, fertile land, and substantial diaspora remittances, the continent is still portrayed as an unfavorable investment destination. Ruto called for the creation of an African Credit Rating Agency, equipped with accurate data and high reporting standards, to counteract these distortions and support economic stability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President William Ruto has strongly condemned global credit rating agencies, accusing them of stifling Africa\u2019s economic growth through biased and misleading assessments. Speaking at a High-Level Presidential Breakfast Dialogue in Addis Ababa on Friday, February 14, Ruto claimed that these agencies deliberately misrepresent Africa\u2019s economic situation, resulting in exaggerated risks, high borrowing costs, and diminished [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":17127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12,3,14],"tags":[],"class_list":["post-17126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news","category-political-news"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/www.getufm.co.ke\/wp-content\/uploads\/2025\/02\/Untitled-3-1.jpg","_links":{"self":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/17126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17126"}],"version-history":[{"count":1,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/17126\/revisions"}],"predecessor-version":[{"id":17128,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/17126\/revisions\/17128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/media\/17127"}],"wp:attachment":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}