The unfair credit rating must be relooked in order to achieve a just financial market,'' Mohammed said. The region is now pushing for a fair credit rating in the global market in a bid to ease the current debt pressure on the continent. Despite this progress, there remains a significant subjectivity in the risk perception assigned to African countries. The Finance Minister said that his country is paying dearly for the unfair credit rating but insisted that a due process is being followed to resolve the crisis. Launched in 2018 with trade phasedowns commencing Jan. 1, 2021, the trade pact aims at accelerating intra-African trade and boosting Africa’s trading position in the global market by strengthening common voice and policy space in global trade negotiations.

Source: The Star June 03, 2024 08:27 UTC