Experts Warn Biased Credit Ratings Cost Africa $75 Billion Annually
The high-level conference in Dakar, Senegal, brought together policymakers, economists, and financial experts to address the concern that Africa loses approximately $75 billion annually due to biased credit ratings. The experts highlighted the need to reduce Africa's overdependence on foreign credit rating agencies to mitigate financial risks and attract more investments.
Dr. Bartholomew Armah of AUDA-NEPAD noted Africa's external debt reaching $863 billion by 2023, emphasizing the urgency for structural reforms in the region's financial institutions. Ms. Catherine Phuong of UNDP urged African leaders to ensure policies translate into tangible investment outcomes.
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