Ruto eyes Nairobi role in Africa’s new credit rating agency

NAIROBI, Kenya, Oct 12 — President William Ruto has announced plans for Kenya to explore becoming a sovereign client of Africa’s newly launched credit rating agency, while pushing for Nairobi…

In a congratulatory message following the launch of the Africa Credit Rating Agency (AfCRA) in Port Louis, Mauritius, Ruto said Kenya would begin discussions on the proposed Nairobi presence and its potential engagement with the agency.

The move comes as African governments seek alternatives to the dominant international credit rating agencies, amid concerns that existing assessments do not adequately capture the continent’s economic conditions and development potential, contributing to high borrowing costs.

“Kenya is pleased to welcome AfCRA and to commence discussions on Nairobi serving as a secondary jurisdiction for the agency, as well as on Kenya becoming a sovereign client of this important continental institution,” Ruto said.

Source: Capital FM