The Minister of Finance, Ken Ofori-Atta, says a key challenge with Credit Rating Agencies is the lack of transparency in their rating methodologies, procedures, practices, and processes.
He says the conclusions by the international rating agencies affected the prospects of African countries raising the required external financial resources on the capital market to promote economic expansion on the scale European economies did in the 1950s and 1960s.
Mr Ofori-Atta says the unfair ratings affected developing countries access to credit.
He says African sovereigns were significantly less likely to be promoted from B into the BB category, compared to other regions, even after accounting for improvements in the macro-fiscal environment and the willingness of African governments to service debts.