Home / BUSINESS / Franklin Cudjoe jabs Akufo-Addo for describing credit ratings agencies as ‘reckless’

Franklin Cudjoe jabs Akufo-Addo for describing credit ratings agencies as ‘reckless’

President and Founder of IMANI Africa, Franklin Cudjoe, has taken a swipe at President Nana Addo Dankwa Akufo-Addo for his description of international credit ratings agencies as ‘reckless’.

President Nana Addo Dankwa Akufo-Addo criticised the ratings agencies for their “reckless” downgrades of African economies during the COVID-19 pandemic and the Russia-Ukraine conflict.

He noted that these downgrades have led to these countries, especially Ghana, being shut out of the international capital market.

“I can comfortably and convincingly say this as the AU champion for African financial institutions and leader of a country, which recently had to deal with one of the most difficult periods in his post-independence history, difficulties which were exacerbated by the reckless behaviour of rating agencies that engaged in pro-cyclical downgrades shutting Ghana out of capital markets and turning it liquidity crisis into a solvency crisis.

“The country which had become the favourite child of bondholders, and had successfully gone to market at the height of the pre-Covid downturn was suddenly shut out of international capital markets,” he said at the 30th Africa Export and Import Bank annual meetings in Accra on June 19, 2023.

Reacting to this in a post shared on social media, on Monday, Monday, June 19, Franklin Cudjoe, told the president to set up his own agencies if he thinks the renowned credit rating agencies are reckless.

He added that, while Akufo-Addo is setting up his own agencies, he should set up institutions that would loan his government money so that he would not have to rely on the international capital market again.

“Mr. President, if the known rating agencies are ‘reckless’ as you say in their assessment of your economy, why don’t you set up your own agencies and let them give you money?” he wrote on Twitter.

View the tweet below:

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